By Terryn Shiells, Commodity News Service Canada
Winnipeg, August 4 – The ICE Futures Canada canola market was slightly softer Tuesday morning, catching up with the losses seen in the Chicago soy complex on Monday, when Canadian markets were closed for a holiday.
Some spillover pressure also came from the weakness seen in Malaysian palm oil futures, analysts said.
Improving conditions for soybean crops in the US, and stabilizing weather in parts of Western Canada, were also weighing on the market.
However, there are still enough areas of concern to keep some weather premiums built into the canola market, brokers noted.
Strength in the Chicago soy complex on Tuesday morning was also supportive, as was recent weakness in the Canadian currency.
As of 8:32 CDT Tuesday about 1,520 contracts had traded.
Milling wheat, durum and barley futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:32 CDT:
