By Dave Sims, Commodity News Service Canada
WINNIPEG, April 26 – Canola contracts on the ICE Futures Canada platform were bouncing around unchanged at 8:55 CDT on Tuesday, as gains in the US soy complex were buffeted by action in the Canadian currency.
Malaysian palm oil chalked up gains on Tuesday, correcting slightly after yesterday’s declines hit a one-week low.
The Canadian dollar was slightly higher relative to its US counterpart, which made canola less attractive to foreign buyers.
Farmers continue to sell canola at a brisk pace ahead of spring sowing.
However, gains in Chicago Board of Trade soybeans and soyoil limited the losses.
Dry weather in parts of Western Canada was bullish for values.
There is uncertainty over the extent of water damage to the soybean crop in Argentina, which has made traders hesitant to sell until more information is available, according to a report.
About 8,700 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:
