By Dave Sims, Commodity News Service Canada
WINNIPEG, June 7 – Canola contracts on the ICE Futures Canada platform were mostly lower at 8:55 CDT on Tuesday, tracking losses in soyoil.
Malaysian palm oil was under pressure which contributed to the declines.
Western Canada is expected to get more rain this weekend which should help alleviate concerns over dryness in some areas.
The US soy crop is off to a good start, according to a report.
The Canadian dollar was higher relative to its US counterpart, which made canola less desirable to foreign buyers.
However, gains in US soybeans helped mitigate the losses.
Crude oil was also higher which was supportive while hot weather in Alberta is also concerning to some crop watchers, analysts said.
About 6,000 canola contracts had traded as of 8:55 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
