By Dave Sims, Commodity News Service Canada
WINNIPEG, November 22 – Canola contracts on the ICE Futures Canada platform were lower Tuesday morning, due to currency issues and weakness in the US soy complex.
The Canadian dollar was stronger relative to its US counterpart, which made canola less attractive to foreign buyers
Prospects for a big crop in South America weighed on values.
Export demand has been soft, according to a report.
European rapeseed futures were lower which contributed to the declines.
However, cold wet weather has returned to much of Western Canada, which has put an end to a lot of harvesting.
Canola crushers continue to run at a high level.
There are ideas that soybean acreage in Argentina won’t be as high as initially thought.
About 5,800 canola contracts had traded as of 8:55 CST.
Milling wheat, barley and durum were untraded.
Prices in Canadian dollars per metric ton at 8:55 CST:
