By Dave Sims, Commodity News Service Canada
WINNIPEG, July 9 – Canola contracts on the ICE Futures Canada platform were mostly lower in Wednesday morning following the soy complex.
Canola continues to enjoy support from the flooding situation in the eastern Canadian Prairies while expectations of large US soybean stocks continue to pressure the market. The bias is to the downside.
European rapeseed and the soy complex are both under pressure.
The Canadian dollar is slightly higher against its US counterpart.
Some analysts are saying canola is no longer considered a bargain compared to soy.
About 2,200 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:
