By Terryn Shiells, Commodity News Service Canada
Winnipeg, May 5 – The ICE Futures Canada canola market was softer at midsession Tuesday, undermined by the sharply higher Canadian currency, as it made canola less attractive to crushers and exporters, analysts said.
Some profit taking on Monday’s rally was also bearish, as was the large global oilseed supply situation.
Further downward pressure came from generally favourable conditions for North American oilseed planting so far this spring.
However, some spillover support came from the advances seen in Chicago soyoil futures.
Slow farmer selling, as they continue to focus on spring field work, also helped to limit the declines.
Activity was on the quiet side; with some of the trade linked to positioning ahead of Statistics Canada’s stocks as of March 31, 2015 report Wednesday morning.
As of 10:30 CDT Tuesday, about 7,950 contracts had traded.
Milling wheat, durum and barley futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:30 CDT:
