By Dave Sims, Commodity News Service Canada
WINNIPEG, November 24 – Canola contracts on the ICE Futures Canada platform were slightly lower Thursday morning, as traders took profits on the heels of yesterday’s sharp gains.
Losses in European rapeseed futures contributed to the declines.
The prospect of large crops across much of South America was another factor weighing on the market.
However, traders may be hesitant to push the market down too far as US markets are closed today for the Thanksgiving holiday.
On Wednesday the Environmental Protection Agency set higher bio-fuel requirements in the US which in turn sent soyoil higher. That continued to underpin canola.
Strength in Malaysian palm oil was supportive.
About 3,700 canola contracts had traded as of 8:50 CST.
Milling wheat, barley and durum were untraded.
Prices in Canadian dollars per metric ton at 8:50 CST: