By Jade Markus, Commodity News Service Canada
WINNIPEG, January 28 – ICE Canada canola contracts were weaker in early activity on Thursday, pressured by gains in the Canadian dollar.
Strength in crude oil futures pushed the commodity-linked Canadian dollar higher, which is bearish for canola.
However gains in Chicago Board of Trade soy oil limited losses in canola on Thursday.
Canola’s long-term technical bias is to the downside, analysts say, which is also bearish.
But a positive feature on the technical side is the potential for an extended bounce after strong support yesterday.
Malaysian palm oil closed stronger.
About 2,295 canola contracts had traded as of 8:40 CST.
Milling wheat, durum, and barley futures were all untraded and
unchanged.
Prices in Canadian dollars per metric ton at 8:40 CST:
