By Dave Sims, Commodity News Service Canada
WINNIPEG, June 10 – Canola contracts on the ICE Futures Canada platform were lower at 10:30 CDT Wednesday, in sympathy with US soybeans and soymeal.
Forecasts calling for rain in Alberta and Saskatchewan later this week also put pressure on prices, a trader said.
Losses in Malaysian palm oil and European rapeseed futures contributed to the declines.
The Canadian dollar was roughly half a cent stronger against its US counterpart which put pressure on canola as it made it less attractive on the international market.
US soyoil was slightly weaker which contributed to the bearish tone.
However, canola is sinking to levels that could inspire bargain-hunting, said a trader.
Traders were also positioning themselves ahead of the USDA crop supply and demand report which is due to be released today at 11:00 CDT.
Around 12,000 contracts had traded as of 10:30 CDT, Wednesday.
Milling wheat, durum and barley were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:30 CDT:
