By Dave Sims, Commodity News Service Canada
WINNIPEG, May 1 (CNS) – Canola contracts on the ICE Futures Canada platform were slightly lower Tuesday morning, tracking declines in Chicago Board of Trade soyoil.
Planting is expected to begin in parts of the Canadian Prairies this week while poor weather in the U.S. continues to generate ideas some corn acres could be swapped out for soybeans.
Canola is looking expensive relative to other oilseeds.
However, the Canadian dollar was slightly weaker compared to its U.S. counterpart, which made canola more attractive to out-of-country buyers.
Slow farmer selling and Friday’s acreage report by Statistics Canada, that called for lower-than-expected canola plantings this spring, helped prop up prices.
Prices in Canadian dollars per metric ton at 8:58 CDT:
Price Change
Canola Jul 531.20 dn 1.10
Nov 518.20 dn 0.30
Jan 521.70 dn 0.80
