By Dave Sims, Commodity News Service Canada
WINNIPEG, April 22 – ICE Canada canola contracts were mostly lower Wednesday in choppy trade as investors positioned themselves ahead of Thursday’s Statistics Canada planting intentions report.
The losses were exaggerated by thin volume trade as many traders stayed on the sidelines ahead of tomorrow’s report.
The US soy complex, Malaysian palm oil and European rapeseed futures were all lower, which contributed to the downside.
The Canadian dollar was stronger relative to its US counterpart which pressured prices on the international market.
However, slow farmer selling and the need to put a weather premium into the market supported values, said participants.
There is a chance canola could see a bounce ahead of tomorrow’s report, an analyst remarked.
About 4,600 canola contracts had traded as of 8:45 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:45 CDT:
