By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, March 10 (CNS Canada) – ICE Canada canola contracts were lower Friday morning, as early losses in the Chicago Board of Trade soy complex put some spill-over pressure on the market.
Soybeans saw follow-through selling after Thursday’s bearish supply/demand data from the US Department of Agriculture, which included larger-than-expected upward revisions to Brazilian soybean production.
Early strength in the Canadian dollar added to the softer tone in canola, as the firmer currency cuts into crush margins and makes exports less attractive.
However, chart-support was holding in canola, as the Canadian market lagged its US counterpart to the downside.
Concerns over tightening supplies going forward also kept some buying interest in canola.
About 2,000 canola contracts had traded as of 8:49 CST.
Milling wheat, durum, and barley futures were all untraded.
