By Jade Markus, Commodity News Service Canada
WINNIPEG, July 5 – ICE Canada canola contracts were weaker in early activity on Tuesday, pressured by spillover losses from Chicago Board of Trade soybeans.
Soybeans moved lower with beneficial rains in the US Midwest, which added pressure to the canola market.
Malaysian palm oil closed weaker overnight, which furthered canola’s declines.
Canola’s technical bias is to the downside, market watchers say, which is bearish.
However, losses in the Canadian dollar against its US counterpart capped declines on Tuesday.
A weaker loonie makes canola more appealing to international buyers.
About 1,184 canola contracts had traded as of 8:29 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton.
