By Dave Sims, Commodity News Service Canada
WINNIPEG, March 11 – ICE Canada canola contracts moved lower Friday morning in the wake of Thursday’s sharp gains.
The Canadian dollar was stronger relative to its US counterpart, which weighed down crush margins and made canola less attractive to international customers.
Soybeans from South America are beginning to trickle into the market which was bearish for canola.
On the flip side, gains in vegetable oil, soybeans and crude oil were supportive for canola.
Gains in financial markets gave canola a boost, according to a report.
Commercial buying remains steady, according to an analyst.
About 4,500 canola contracts had traded as of 8:55 CST.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:55 CST:
