By Terryn Shiells, Commodity News Service Canada
Winnipeg, Feb. 10 – Canola contracts on the ICE Futures Canada platform were slightly lower amid choppy activity Tuesday morning. Traders were squaring positions ahead of the USDA’s monthly report, to be released at 11:00 CST.
Spillover pressure came from the declines seen in Chicago soybean and soyoil futures, as well as European rapeseed futures, analysts said.
Worries about a possible strike by Canadian Pacific Railway employees discouraging exporters from making new purchases added to the bearish tone.
Expectations that South America’s soybean crop will be record large were also overhanging the market.
However, the Canadian dollar moved lower Tuesday morning, which limited the losses as it made canola more attractive to foreign buyers.
Strength in Malaysian palm oil futures overnight and steady commercial buying interest were also supportive.
As of 8:42 CST Tuesday, about 3,200 contracts had traded.
Milling wheat, durum and barley futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:42 CST:
