By Terryn Shiells, Commodity News Service Canada
WINNIPEG, Jan. 20 – Canola contracts on the ICE Futures Canada platform were slightly softer, following the weakness in the Chicago soy complex Tuesday morning.
Spillover pressure also came from the declines seen in Malaysian palm oil and European rapeseed futures overnight, analysts said.
Ongoing expectations of a record large South American soybean crop, despite some worries about dryness in parts of the region, added to the bearish tone.
However, the sharply lower Canadian dollar limited the losses, as it made canola more attractive to foreign buyers. The loonie was trading below 83 cents US.
Steady demand for Canadian canola supplies was also underpinning the market.
As of 8:53 CST Tuesday, about 4,900 contracts had traded.
Milling wheat, durum and barley futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:53 CST:
