By Dave Sims, Commodity News Service Canada
WINNIPEG, February 12 – ICE Canada canola contracts were lower in choppy trading Friday morning, correcting lower in the wake of Thursday’s gains.
Traders were positioning themselves ahead of the long weekend. Both Canadian and US markets are closed for separate holidays.
Large supplies of South American soybeans should be hitting the market soon which cast a bearish tone over the market.
Recent turmoil in world financial markets also undermined canola.
However, Malaysian palm oil reached its strongest level in two years, which was supportive.
European rapeseed, CBOT soyoil and crude oil were also higher which was supportive.
The Canadian dollar was slightly weaker relative to its US counterpart, which made canola a more attractive option for out-of-country buyers.
About 7,000 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:
