By Dave Sims, Commodity News Service Canada
WINNIPEG, May 12 – ICE Canada canola contracts were lower Tuesday morning, in sympathy with US soybeans and soymeal.
European rapeseed futures were also lower which put pressure on the market.
The Canadian dollar was higher against its American counterpart which made canola less attractive on the international market.
Planting conditions in North America are generally favourable for seeding.
However, Malaysian palm oil and US soyoil were both stronger which gave support to the market.
Traders are keeping a weather premium in the market as they wait for the USDA crop progress report to be released.
The technical bias in canola has shifted to the upside but could change depending on what the report says, remarked an analyst.
About 2,200 canola contracts had traded as of 8:45 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:45 CDT:
