By Dave Sims, Commodity News Service Canada
WINNIPEG, August 14 – Canola contracts on the ICE Futures Canada platform were lower Thursday morning as fresh estimates of a record, large soybean crop in the US continue to overhang the market.
Chart support was holding to the down side but an analyst cautioned that the bias was lower as November canola is just about at the C$430 level.
European rapeseed futures, Malaysian palm oil and Chicago soyoil were all lower which pressured values.
Persistent dryness in parts of Western Canada continues to be a bullish influence, according to an analyst.
A lack of farmer and fund selling has helped to prop up values, said an analyst.
About 6,500 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:
