By Dave Sims, Commodity News Service Canada
WINNIPEG, June 15 – Canola contracts on the ICE Futures Canada platform were lower at 10:35 CDT on Wednesday, pressured once again by declines in the US soy complex.
Malaysian palm oil futures struck their lowest point in four months, which weighed on canola.
European rapeseed futures and crude oil were both weaker, which was bearish for values.
However, the Canadian dollar was lower relative to its US counterpart, which made canola more enticing to foreign buyers.
Commercial demand was steady and traders will likely keep a weather premium in the market until crops begin to establish themselves, according to a report.
Canola closed its last session just below the top of its trading range, which leaves it vulnerable to a rally, according to an analyst.
About 13,200 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:
