By Terryn Shiells, Commodity News Service Canada
WINNIPEG, August 5 – Canola contracts on the ICE Futures Canada platform were narrowly mixed amid quiet, choppy activity at 10:43 CDT Tuesday.
Canola was trying to catch up with Monday’s rally in CBOT soybeans in overnight activity, as the Canadian market was closed for a holiday. But, sharp losses seen in the soy complex Tuesday morning were putting downward pressure on canola by 10:43 CDT.
Traders were waiting to see if soybean prices will stay weaker Tuesday before making any big moves in canola, brokers said.
Generally good weather conditions forecasted for Western Canada this week and ideas that the Canadian canola crop is looking bigger than it did a month ago were bearish.
On the other side, the sharply lower Canadian dollar was supportive, as it made canola more attractive to crushers and exporters.
A lack of significant farmer selling in Western Canada was also supportive.
As of 10:43 CDT Tuesday, about 7,400 contracts had traded.
Milling wheat, barley and durum futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:43 CDT:
