By Terryn Shiells, Commodity News Service Canada
Winnipeg, April 27 – The ICE Futures Canada canola market was mostly lower amid choppy activity Monday morning, taking some direction from weakness in Malaysian palm oil futures, analysts said. The nearby May contract saw the only gains as traders exited positions ahead of its expiry.
The upswing in the value of the Canadian dollar was bearish, as it made canola less attractive to crushers and exporters.
The large global oilseed supply situation was also overhanging the market, according to brokers.
However, a firmer tone in Chicago soyoil and European rapeseed futures in early and overnight activity limited the declines.
Slow farmer selling and the need to keep weather premiums built into prices were also supportive, as were worries that Canadian farmers won’t plant enough canola this spring.
As of 8:45 CDT Monday, about 1,730 contracts had traded.
Milling wheat, durum and barley futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:45 CDT:
