By Dave Sims, Commodity News Service Canada
WINNIPEG, April 27 – Canola contracts on the ICE Futures Canada platform were mostly lower at 10:50 CDT Monday, as the strong Canadian dollar weighed down canola values with the exception of the May contract as traders exited the front month.
“The markets pretty quiet, canola’s showing some signs of steadiness relative to the US market both Friday and today,” said an analyst.
He added some seeding, albeit a spotty amount, was already underway across certain portions of the Canadian Prairies.
Malaysian palm oil was weaker which contributed to the losses.
However, strength in soybeans and European rapeseed futures limited the losses.
Last week’s Statistics Canada acreage report, which indicated farmers will only plant 19.4 million acres of canola, was supportive.
Farmer selling is slow and snowfall in Saskatchewan will limit field-work, which was bullish.
Around 13,000 contracts had traded as of 10:50 CDT, Monday.
Milling wheat, durum and barley were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:50 CDT:
