By Jade Markus, Commodity News Service Canada
WINNIPEG, April 12 – ICE Canada canola contracts were mixed, but mostly lower, Tuesday morning, as gains in the loonie pressured prices, while spill over support from soybeans limited losses.
The Canadian dollar strengthened against its US counterpart in early activity on Tuesday, which was bearish for canola, as it makes it less appealing to foreign buyers.
Canola’s rally is stalling, market watchers say, which could cause prices to decline.
Malaysian palm oil closer weaker, which was also bearish for canola.
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Chicago Board of Trade (CBOT) soy oil was weaker in early activity, but gains in soybeans and soymeal limited losses.
Dry soil in western Canada has some traders concerned about this year’s crop, which provided some support.
The United States Department of Agriculture is set to release its monthly Word Agricultural Supply and Demand estimates at 11:00 CDT, which caused some traders to hold back from the market in early activity.
About 1,518 canola contracts had traded as of 8:30 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:30 CDT:
