By Jade Markus, Commodity News Service Canada
WINNIPEG, May 31 – ICE Canada canola contracts were lower in early activity on Wednesday.
The market was feeling spill-over pressure from losses in the Chicago Board of Trade soy oil market.
Advances in the Canadian dollar against its US counterpart added to the market’s weakness.
A stronger loonie makes Canadian commodities less affordable for international buyers.
Analysts say canola’s technical bias is to the downside, which could add to the commodity’s losses throughout the day.
But on the upside, tight canola stocks put a lid on canola’s losses.
Weather-related seeding delays were another supportive feature.
About 4,187 canola contracts had traded as of 8:35 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:35 CDT:
