By Dave Sims, Commodity News Service Canada
WINNIPEG, June 3 – ICE Canada canola contracts were higher Wednesday morning as the Canadian dollar was weaker against its US counterpart which made canola more attractive on the international market.
Re-seeding is underway in parts of the eastern Prairies after a frost impacted crops over the weekend. Concerns over a lack of moisture in much of Western Canada also supported values.
However, weakness in the US soy complex as well as Malaysian palm oil and European rapeseed futures limited the gains.
The decision by some producers to re-seed may not impact the market significantly, some traders argued.
Large worldwide supplies of soybeans cast a bearish tone over the market.
About 5,700 canola contracts had traded as of 8:35 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:35 CDT:
