By Dave Sims, Commodity News Service Canada
WINNIPEG, April 5 – Canola contracts on the ICE Futures Canada platform were bouncing around unchanged in choppy trading at 8:55 CDT on Tuesday.
Canola was feeling pressure from losses in Chicago Board of Trade soyoil, and to a lesser extent soybeans.
Many global financial markets were also lower tracking declines in crude oil, which was bearish.
Large global supplies of soybeans added to the downside.
However, the Canadian dollar was weaker relative to its US counterpart, which made canola more enticing to international customers.
Concerns about dryness in parts of Western Canada have thrown a weather premium into the market.
Commercial buying remains steady.
About 2,500 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:
