By Jade Markus, Commodity News Service Canada
WINNIPEG, MB, June 14, 2016 – ICE Canada canola contracts were weaker in early activity on Tuesday, pressured by losses in Chicago
Board of Trade soybeans.
Soybeans were lower with seeding progress and concerns about the US Federal Reserve raising interest rates this summer.
Fed officials start a two-day policy meeting today.
Favourable Canadian crop conditions further pressured canola prices on Tuesday.
Increased farmer selling added to the bearish tone.
Malaysian palm oil closed mixed overnight.
However, losses in the Canadian dollar limited losses, as a weaker loonie makes canola more appealing to international buyers.
Strong commercial demand for canola continued to underpin the market.
About 2,911 canola contracts had traded as of 8:32 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:32 CDT:
