By Jade Markus, Commodity News Service Canada
WINNIPEG, December 30 – ICE Canada canola contracts were lower in early activity Friday morning, tracking losses in the Chicago Board of Trade soybean market.
Mostly favourable South American crop conditions pressured both oilseed markets in early activity on the last trading day of 2016.
Market watchers say canola’s technical bias is to the downside, which was also bearish for values.
The Canadian dollar advanced against its US counterpart on Friday, adding to canola’s downside.
However, investors are keeping a weather premium in the market, as areas in Brazil and Argentina are dry, which limited losses.
Strong commercial demand could also underpin the market throughout the day.
About 2,744 canola contracts had traded as of 8:51 CST.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:51 CST:
