By Dave Sims, Commodity News Service Canada
WINNIPEG, August 14 – ICE Canada canola contracts were lower Friday morning in choppy trading, as the market felt the weight of losses in the US soy complex.
This week’s USDA report, which pointed towards a bumper crop for US soybeans and corn, continues to overhang the market.
The technical bias is leaning to the downside, according to a report.
However, traders were reluctant to push the market too far, one way or the other, before the weekend.
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Weather conditions across Western Canada are mainly favourable as farmers prepare for harvest.
The Canadian dollar was lower relative to its US counterpart which made canola more attractive to its customers overseas.
Malaysian palm oil and European rapeseed futures were firmer which helped limit the losses.
About 2,400 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:
Price Change
Canola Nov 486.70 dn 5.20
Jan 486.00 dn 4.80
Mar 484.70 dn 5.10
Milling Wheat Oct 224.00 unch
Dec 224.00 unch
Durum Oct 365.00 unch
Dec 370.00 unch
Barley Oct 205.10 unch
Dec 205.10 unch
