By Dave Sims, Commodity News Service Canada
WINNIPEG, June 14 – Canola contracts on the ICE Futures Canada platform were lower at 10:35 CDT on Tuesday, tracking losses in the US soy complex.
Declines in Malaysian palm oil and crude oil were also bearish for values.
Weather conditions in Western Canada are generally favourable for the development of canola, which dragged on prices.
Concerns that Britain will choose to leave the European union also pushed down prices, according to a report.
However, the Canadian dollar was weaker relative to its US counterpart, which made canola more attractive to out-of-country buyers.
Commercial demand also supported the market, a Winnipeg-based trader said.
“There’s pretty good volumes, the spread is a feature. That’s the key,” he said.
About 13,500 canola contracts had traded as of 10:35 CDT.
Milling wheat, barley and durum were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:35 CDT:
