By Terryn Shiells, Commodity News Service Canada
WINNIPEG, May 6 – Canola contracts on the ICE Futures Canada platform were weaker at 10:52 CDT Tuesday, following the losses seen in Chicago soybean futures, analysts said.
Spillover pressure also came from the softness seen in European rapeseed and Malaysian palm oil futures overnight.
The July contract was showing more weakness than new crop values, due to the correction of the spread between the two as the old crop contract was outpacing new crop to the upside recently, brokers said.
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The upswing in the value of the Canadian dollar and burdensome Canadian canola supply situation were also bearish for prices.
However, continued ideas that canola is undervalued compared to other oilseeds limited the downside, as did firmness in Chicago soyoil futures.
Nervousness about cold, wet weather causing planting delays for canola and other crops in Western Canada this spring was also supportive.
As of 10:52 CDT Tuesday, about 9,300 contracts had traded.
Milling wheat, barley and durum were untraded following price revisions after the close on Monday.
Prices in Canadian dollars per metric ton at 10:52 CDT:
