By Dave Sims, Commodity News Service Canada
WINNIPEG, January 14 – ICE Canada canola contracts were lower Thursday morning, following weakness in CBOT soybeans.
Spillover losses in other nearby markets also contributed to the declines while European rapeseed futures were also feeling pressure.
Sideways trading should be expected as increased farmer selling is being countered by solid end user demand, an analyst said.
Canola is approaching key resistance on the price charts, according to a report.
However, relative firmness in CBOT soyoil helped to stabilize prices.
Weakness in the Canadian dollar has improved canola’s competitiveness relative to other vegetable oils, a report said.
Markets in China appear to have settled and commercial buying is steady.
About 3,100 canola contracts had traded as of 8:52 CST.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:52 CST:
