By Dave Sims, Commodity News Service Canada
WINNIPEG, June 24 – Canola contracts on the ICE Futures Canada platform were mostly lower Tuesday morning, following losses in the soy complex. The loonie, which is above 93 US cents right now, continues to weigh on values.
Spillover selling from soy is likely to dominate today, according to a report. The US soy crop is in good condition, which accounted for some of the selling in the US.
Canadian crops are also in relatively good shape, although crop development on the Eastern side of the Prairies is delayed by a week to 10 days, an analyst said.
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On Friday, Statistics Canada is scheduled to publish its acreage report which means trading is likely to be choppy this week as investors try to position themselves ahead of its release. The report will not include acreage losses in Western Canada due to excess water.
European rapeseed is mixed with palm oil enjoying positive gains.
About 2,200 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:
