By Dave Sims, Commodity News Service Canada
WINNIPEG, May 18 – Canola contracts on the ICE Futures Canada platform were chopping around unchanged at 8:55 CDT on Wednesday, as losses in the vegetable oil market were offset by currency issues.
Chicago Board of Trade soybeans were tilting to the downside and crude oil was feeling slight losses.
Estimates for US soy acreage are expected to rise which was bearish.
Rainfall is expected to fall in Alberta which undermined the market.
However, the Canadian dollar was weaker relative to its US counterpart which made canola more attractive to out-of-country buyers.
Traders may be hesitant to sell too aggressively ahead of the long weekend, according to a report.
About 7,500 canola contracts had traded as of 8:55 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:55 CDT:
