By Terryn Shiells, Commodity News Service Canada
Winnipeg, Jan. 2 – Canola contracts on the ICE Futures Canada platform were lower Friday morning, following the declines seen in the Chicago soy complex, analysts said.
Expectations that farmer selling of canola will increase in Western Canada now that we’re in a new tax year, added to the bearish tone.
The large US soybean crop continued to overhang the market, as did generally good weather for the development of South American soybeans.
However, the sharply lower Canadian dollar limited the losses, as it made canola more attractive to crushers and exporters.
Spillover support from the gains in Malaysian palm oil and European rapeseed futures overnight was also bullish, as was steady commercial demand for canola.
As of 8:47 CST Friday, about 1,500 contracts had traded. The canola market didn’t trade overnight due to the New Year’s Day holiday, and only re-opened at 8:30 CST Friday morning.
Milling wheat, durum and barley futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:47 CST:
