By Dave Sims, Commodity News Service Canada
WINNIPEG, May 30 (CNS) – Canola contracts on the ICE Futures Canada platform were mixed Wednesday morning. The front-month July contract took strength from gains in vegetable oil while the more deferred values dropped as rains across Western Canada pressured the market. The moisture is expected to alleviate some of the excess dryness affecting multiple areas of the Prairies.
More than 3,000 engineers and conductors at Canadian Pacific Rail walked off the job last night, which also dragged on the market as freight service for grain farmers is affected.
The Canadian dollar was higher relative to its U.S. counterpart, which weighed on values.
However, there are ideas that Chinese demand for canola could re-emerge with yesterday’s announcement that the U.S. will slap additional tariffs on Chinese imports.
Prices in Canadian dollars per metric ton at 8:50 CDT:
