By Dave Sims, Commodity News Service Canada
WINNIPEG, May 3 (CNS) – Canola contracts on the ICE Futures Canada platform were lower Thursday morning, following losses in the U.S. soy complex.
Strength in the Canadian dollar was also bearish for canola as it made the commodity less attractive to international buyers.
Malaysian palm oil futures hit a contract low, which dragged on canola prices.
Global demand for oilseeds remains strong.
However, warm weather across the Prairies has sparked planting in many regions.
The dominant July contract appears to have run into technical resistance at the C$530 per tonne mark.
Prices in Canadian dollars per metric ton at 9:00 CDT:
