By Dave Sims, Commodity News Service Canada
WINNIPEG, April 9 – ICE Canada canola contracts were lower Thursday morning following the losses seen in the US soy complex.
Malaysian palm oil was lower overnight which also weighed on values while traders positioned themselves ahead of the USDA’s monthly supply/demand report, due out at 11:00 CT.
US soy acreage is expected to be record large this year, which also added to the bearish tone.
The technical trend in canola has started to point lower, said an analyst.
However, the Canadian dollar was slightly weaker against its US counterpart which supported canola, as it made it more attractive to buyers on the international market.
Dry conditions across parts of Western Canada have helped put a weather premium into the market, according to reports.
Farmer selling has been slowed due to road bans and seeding preparation, a participant said.
About 1,400 canola contracts had traded as of 8:45 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:45 CDT:
