By Dave Sims, Commodity News Service Canada
WINNIPEG, April 27 – Canola contracts on the ICE Futures Canada platform were mostly lower at 8:55 CDT on Wednesday, following losses in the US soy complex.
The Canadian dollar was slightly higher relative to its US counterpart, which made canola less attractive to out-of-country buyers.
Steady farmer selling was bearish along with large global supplies of soybeans.
Malaysian palm oil fell to its lowest level in two weeks which contributed to the declines.
However, gains in crude oil and European rapeseed futures helped to limit the losses.
Dry weather in parts of Western Canada was supportive.
Ideas that the Canadian canola crop will be on the small side was bullish.
About 6,500 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:
