WINNIPEG–Canola contracts on the ICE Futures Canada platform were
slightly higher Tuesday morning, receiving support from weather
concerns and ideas the market is oversold.
Parts of Western Canada continue to receive unwanted moisture while
some sections haven’t received enough, say traders. There are also
growing concerns about a potential early frost.
However, the Canadian dollar was up nearly a third of a cent against
its US counterpart while soyoil and Malaysian palm oil were both lower
which pressured values.
Canola’s technical bias remains lower, which limited the upside as
did expectations of large US soybeans, causing some spillover selling
to Canola which pressured values, according to a report.
About 3,000 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:
