By Dave Sims, Commodity News Service Canada
WINNIPEG, May 16 – Canola contracts on the ICE Futures Canada platform were bouncing around unchanged Tuesday morning, but began to turn higher as gains in the US soy complex provided support.
Inclement weather across Western Canada has delayed canola planting progress, which was supportive.
Slow farmer selling and gains in Malaysian palm oil helped support prices.
However, the Canadian dollar was slightly higher relative to its US counterpart, which made canola less attractive to out-of-country buyers.
Large soybean supplies in South America continue to overhang the market.
Milling wheat, barley and durum were untraded.
Prices in Canadian dollars per metric ton at 8:53 CDT:
Price Change
Canola Jul 524.10 up 0.80
Nov 504.90 up 0.40
Jan 510.00 up 0.30
Milling Wheat Jul 237.00 unch
Oct 238.00 unch
Durum Jul 274.00 unch
Oct 269.00 unch
Barley Jul 138.00 unch
Oct 140.00 unch
