By Dave Sims, Commodity News Service Canada
WINNIPEG, March 31 – ICE Canada canola contracts were slightly lower in volatile trading Tuesday morning, in sympathy with the US soy complex.
Traders were positioning themselves in the leadup to the release of the USDA acreage and quarterly stocks report which is due to come out at 11:00 a.m. CDT.
European rapeseed futures and Malaysian palm oil were both weaker which was bearish for the market.
The large soybean harvest in South America also weighed on values, according to traders.
However, a lack of soil moisture across much of Western Canada has put a weather premium into the market, said analysts.
The Canadian dollar was also weaker against its American counterpart which made canola more desirable on the international marketplace.
About 2,600 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:
