By Dave Sims, Commodity News Service Canada
WINNIPEG, April 6 – Canola contracts on the ICE Futures Canada platform were slightly lower in choppy trading at 8:55 CDT on Tuesday.
Steady farmer selling and ideas that more US farmers could switch intended corn acres to soybeans was also bearish for values.
Large soybean supplies from South America contributed to the declines.
Malaysian palm oil, European rapeseed futures and Chicago Board of Trade soybeans were also lower.
However, the Canadian dollar was slightly weaker relative to its US counterpart, which made canola more attractive on the international market.
Gains in crude oil have buoyed global financial markets which was bullish.
Commercial buying remains steady.
About 3,500 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:
