By Dave Sims, Commodity News Service Canada
WINNIPEG, April 7 – Canola contracts on the ICE Futures Canada platform were slightly lower at 8:53 CDT on Thursday, following losses in Chicago Board of Trade soyoil.
Soybeans were also lower while steady farmer selling added to the downside.
South American soybeans continue to flow into the market while some US farmers may be forced to switch intended corn acres to soybeans due to wetness.
However, the Canadian dollar was slightly weaker relative to its US counterpart, which made canola more attractive to out-of-country buyers.
Gains in crude oil helped limit the declines.
Higher prices for Malaysian palm oil and European rapeseed futures were supportive.
There are ideas canola is a bargain relative to other vegetable oil, according to a report.
About 3,500 canola contracts had traded as of 8:53 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:53 CDT:
