By Dave Sims, Commodity News Service Canada
WINNIPEG, September 6 – Canola contracts on the ICE Futures Canada platform were mostly weaker Tuesday morning, due to harvest pressure and action in the Canadian currency.
The Canadian dollar was slightly higher relative to its US counterpart, which made canola less attractive to domestic crushers and out-of-country buyers.
Losses in European rapeseed futures added to the downside.
Chart-based trading may be a feature today as investors wait for the release of Statistics Canada’s stocks report on Wednesday.
On the other side, gains in the US soy complex limited the losses.
Demand for oilseeds is healthy, which was supportive for canola.
About 3,700 canola contracts had traded as of 8:50 CDT.
Milling wheat, barley and durum were untraded.
Prices in Canadian dollars per metric ton at 8:50 CDT:
