By Dave Sims, Commodity News Service Canada
WINNIPEG, Dec. 24 – ICE Canada canola contracts were mostly lower Wednesday morning due to pressure from the soy complex and the higher Canadian dollar. ICE Futures markets in Canada close at noon CST today, so pre-holiday positioning is likely a feature, say analysts.
Follow through selling after yesterday’s losses also sent values lower, according to a report.
The Canadian dollar was higher against its US counterpart which helped make canola less attractive on the international market.
The soybean crop in South America is widely expected to receive more rain over the next few days, which was bearish.
However, Malaysian palm oil and European rapeseed futures were stronger which limited the losses.
Farmer-selling is virtually non-existent today, giving the market added strength, suggested an analyst.
About 800 canola contracts had traded as of 8:35 CST.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:35 CST:
