By Dave Sims, Commodity News Service Canada
WINNIPEG, February 24 – ICE Canada canola contracts were higher Wednesday morning, as the market consolidated in the wake of yesterday’s sharp losses, according to an analyst.
The Canadian dollar was lower relative to its US counterpart, which made canola more enticing from an international buyer’s point of view.
There are ideas yesterday’s losses were overdone, according to a report.
Rain in Brazil is hampering the harvest while commercial demand is reasonably steady.
However, Malaysian palm oil, European rapeseed futures and crude oil were all lower which dragged on values.
Canola prices hit their lowest level since last May during yesterday’s session, which has turned the technical bias bearish, according to an analyst.
The massive soybean crop from South America is poised to flow into the market, which was bearish.
About 7,000 canola contracts had traded as of 8:58 CST.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:58 CST:
