By Terryn Shiells, Commodity News Service Canada
WINNIPEG, April 7 – The ICE Futures Canada canola market was softer at midday Tuesday, following the weakness seen in Chicago soybean and soyoil futures.
Further downward pressure came from the declines seen in Malaysian palm oil and European rapeseed futures, analysts said.
Profit taking on recent gains was also bearish. Traders were more interested in liquidating positions as the Canadian dollar is looking a lot firmer compared to month ago levels, a broker added.
However, the need to keep weather premiums in the market ahead of spring seeding in Western Canada limited the declines.
Concerns that European rapeseed production could be smaller this year due to lower yields and acreage also underpinned the canola market.
As of 10:46 CDT Tuesday, about 6,500 contracts had traded.
Milling wheat, barley and durum futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:46 CDT:
