By Dave Sims, Commodity News Service Canada
WINNIPEG, June 14 – Canola contracts on the ICE Futures Canada platform were lower at 10:35 CDT on Wednesday, weighed down by action in the Canadian currency.
The Canadian dollar was stronger relative to its American counterpart, which made canola less attractive to domestic crushers and out-of-country buyers.
The weather outlook for canola fields in Canada and soybean fields in the US is generally improving, which was bearish.
The technical bias is pointed lower.
However, gains in the US soy complex and Malaysian palm oil bolstered canola prices.
Commercial canola stocks in Canada are tight, which was supportive.
About 5,300 canola contracts had traded as of 10:35 CDT.
Milling wheat, barley and durum were all untraded.
Prices in Canadian dollars per metric ton at 10:35 CDT:
