By Dave Sims, Commodity News Service Canada
WINNIPEG, July 8 – Canola contracts on the ICE Futures Canada platform corrected higher Friday morning, on the heels of steep losses over the past two sessions.
Canola also drew support from gains in the US soy complex and crude oil.
There are ideas yesterday’s losses were overdone, according to a report.
Traders were positioning themselves ahead of the weekend.
However, canola was pressured by significant declines in Malaysian palm oil and European rapeseed futures.
Uncertainty in global finances and favourable weather across much of Western Canada were also bearish for values.
About 5,200 canola contracts had traded as of 8:50 CDT.
Milling wheat, durum, and barley futures were all untraded.
Prices in Canadian dollars per metric ton at 8:50 CDT:
