By Terryn Shiells, Commodity News Service Canada
Winnipeg, June 18 – The ICE Futures Canada canola market was weaker Thursday morning, as traders took profits on recent advances, analysts said.
Spillover pressure from the declines seen in Chicago soyoil, Malaysian palm oil and European rapeseed futures added to the bearish tone.
The upswing in the value of the Canadian dollar also weighed on canola, as it made the commodity more expensive to foreign buyers.
Some of the weakness was also linked to forecasts calling for rain in some of Western Canada’s driest regions. But, traders are still worried about yield loss lowering production prospects.
Concerns about wet weather causing some US soybean acres to go unseeded were also supportive, as was talk that the market’s technical bias has shifted higher.
As of 8:48 CDT Thursday about 4,460 contracts had traded.
Milling wheat, durum and barley futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:48 CDT:
