By Dave Sims, Commodity News Service Canada
WINNIPEG, December 14 – Canola contracts on the ICE Futures Canada platform were lower Wednesday morning, tracking losses in the US soy complex.
The Canadian dollar was stronger relative to its US counterpart, which made canola less attractive to foreign buyers.
Losses in crude oil and European rapeseed futures were also bearish for the market.
The US Federal Reserve is widely expected to raise interest rates today, which has thrown a bit of uncertainty into the market.
However, gains in Malaysian palm oil helped limit the losses.
Demand for oilseeds remains steady and a new report indicates France’s rapeseed acreage is on the decline.
About 4,400 canola contracts had traded as of 8:56 CST.
Milling wheat, barley and durum were untraded.
Prices in Canadian dollars per metric ton at 8:56 CST:
Price Change
Canola Jan 515.70 dn 0.80
Mar 521.50 dn 0.30
May 525.90 dn 0.30
Milling Wheat Mar 235.00 unch
Mar 239.00 unch
Durum Mar 319.00 unch
May 322.00 unch
Barley Mar 142.00 unch
Mar 144.00 unch
