By Dave Sims, Commodity News Service Canada
WINNIPEG, May 20 – Canola contracts on the ICE Futures Canada platform were mostly weaker at 10:40 CDT Wednesday, due to losses in US soybeans, soymeal and European rapeseed futures.
Slight gains in the Canadian dollar were also supportive as it made canola more attractive to international buyers.
Planting conditions across Western Canada are generally favorable, according to a trader.
“Rain and snow over the weekend should address any dryness questions,” said the trader.
Huge world supplies of soybeans added to the bearish tone, according to a report.
However, Malaysian palm oil and US soyoil were firmer which helped limit the losses.
Farmer selling was slow as producers focused on seeding and field-work.
The technical bias is moving to the upside, an analyst said.
Reports of frost over the weekend across Western Canada were slightly supportive, although traders were still measuring the full extent of any damage.
Around 12,000 contracts had traded as of 10:40 CDT, Wednesday.
Milling wheat, durum and barley were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:40 CDT:
