By Jade Markus, Commodity News Service Canada
WINNIPEG, May 10 – ICE Canada canola contracts were weaker Wednesday morning, as weather in Western Canada improves.
Drier conditions in the Prairie provinces are expected to help producers with harvesting crops left in fields from last year and new-crop seeding progress.
Spill-over pressure from Chicago Board of Trade soy oil was also a bearish feature.
Strength in the Canadian dollar, which makes the country’s commodities less appealing to international buyers, added to the downside.
However, tight canola stocks reported by Statistics Canada capped declines in early activity.
About 1,133 canola contracts had traded as of 8:47 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
