By Dave Sims, Commodity News Service Canada
WINNIPEG, May 18 – Canola contracts on the ICE Futures Canada platform were lower Thursday morning, tracking steep losses in the US soy complex. Bribery allegations against Brazil’s president pushed down that country’s currency, making Brazilian soybeans cheaper and more attractive to world buyers.
Improving weather across the Prairies was bearish for canola prices.
Losses in Malaysian palm oil undermined values.
The bias is pointed lower.
However, slow farmer selling helped limit the losses.
There are ideas a rebound could be coming later today as investors go bargain-hunting.
Milling wheat, barley and durum were untraded.
Prices in Canadian dollars per metric ton at 8:50 CDT:
