By Dave Sims, Commodity News Service Canada
WINNIPEG, December 22 – Canola contracts on the ICE Futures Canada platform were lower at 10:38 CST on Thursday, tracking losses in the vegetable oil market. Chicago Board of Trade soyoil suffered particularly sharp declines in early trading which weighed on the market. Losses in Malaysian palm oil, European rapeseed futures and US soybeans added to the downside.
Favorable weather bolstered growing conditions throughout much of South America’s soybeans fields, which undermined the market.
“Chinese buying has slowed down a touch,” said a trader in
Winnipeg.
Profit-taking was a feature ahead of the holiday-break, he added.
However, weakness in the Canadian dollar limited the declines.
Global demand for oilseeds remains reasonably steady.
About 15,200 canola contracts had traded as of 10:38 CST.
Milling wheat, barley and durum were all untraded.
Prices in Canadian dollars per metric ton at 10:38 CST:
