Canola contracts on the ICE Futures Canada platform were lower Tuesday morning, weighed down by action in the Canadian currency.
The Canadian dollar was roughly half a cent higher compared to its US counterpart, which made canola less enticing to foreign buyers.
Canola was also catching up to yesterday’s losses in US soybeans, when the Canadian market was closed for a civic holiday, traders said.
Weather forecasts in the US Midwest have turned favourable for soybean crops which had a bearish effect on the oilseed market, according to a report.
However, gains in vegetable oil, the US soy complex and crude oil limited the losses.
It could be a day for bargain hunting, according to an analyst.
About 2,500 canola contracts had traded as of 8:45 CDT.
Milling wheat, barley and durum were untraded.
Prices in Canadian dollars per metric ton at 8:45 CDT:
