By Dave Sims, Commodity News Service Canada
WINNIPEG, August 6 – Canola contracts on the ICE Futures Canada platform were lower Wednesday morning following the soy complex.
Weather forecasts in Western Canada this week are generally positive for growing conditions which was bearish for the market.
Malaysian palm oil and European rapeseed were lower, which weighed on values.
The Canadian dollar was up slightly against its US counterpart, which further undermined values.
Ideas that Tuesday’s gains were overdone also contributed to the losses.
A lack of farmer selling in Western Canada continues to support values as producers wait for better prices.
About 900 canola contracts had traded as of 8:35 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:35 CDT:
