By Dave Sims, Commodity News Service Canada
WINNIPEG, March 17 – Canola contracts on the ICE Futures Canada platform were mostly lower Friday morning as yesterday’s move below the 200-day moving average sparked follow-through selling.
One Winnipeg-based analyst pegged the next major support level at C$490 per tonne.
Losses in Chicago Board of Trade soybeans contributed to the bearish tone.
The Canadian dollar was slightly stronger relative to its US counterpart, which made canola less attractive to foreign buyers.
However, gains in CBOT soyoil and Malaysian palm oil were supportive for the market.
There are ideas that canola stocks will be extremely tight by the end of the year.
Milling wheat, barley and durum were untraded.
Prices in Canadian dollars per metric ton at 8:57 CDT:
