By Jade Markus, Commodity News Service Canada
WINNIPEG, June 1 – ICE Canada canola contracts were weaker in choppy trade Thursday morning.
Reports of lower commercial demand for canola pressured the market, as did a weaker technical bias.
The Canadian dollar was mostly unchanged against its US counterpart on Thursday, which did little to move values in either direction.
However, spill-over support from the Chicago Board of Trade soy complex limited canola’s downside, especially in deferred contracts.
CBOT soybeans, soy meal and soy oil were supported by concerns about US seeding and crop conditions.
Estimates for tight canola stocks also capped declines.
About 4,078 canola contracts had traded as of 8:43 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:43 CDT:
