By Dave Sims, Commodity News Service Canada
WINNIPEG, May 26 – Canola contracts on the ICE Futures Canada platform were lower at 10:40 CDT on Thursday, following losses in Chicago Board of Trade soyoil.
Declines in CBOT soybeans and crude oil added to the bearish tone.
Wet weather in Western Canada has reduced concerns over excess dryness.
The Canadian dollar was higher relative to its US counterpart, which made canola less attractive to out-of-country buyers.
Canola is looking a bit expensive these days, compared to other oilseeds a trader said.
However, gains in European rapeseed futures and Malaysian palm oil limited the losses.
Commercial demand supported the market.
About 10,000 canola contracts had traded as of 10:40 CDT.
Milling wheat, barley and durum were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:40 CDT:
