By Jade Markus, Commodity News Service Canada
WINNIPEG, March 31 – ICE Canada canola contracts were slightly
weaker Thursday morning, pressured by advances in the Canadian
dollar.
Gains in the loonie make canola less appealing to foreign
buyers, which is bearish.
After closing weaker on Wednesday, canola’s technical bias is
to the downside, which could cause losses throughout the day.
Malaysian palm oil closed weaker overnight.
However gains in Chicago Board of Trade soy oil limited losses
on Thursday morning.
Strong commercial buying also provided support to canola in
early activity.
Traders are adding a weather premium into the market as the
northern hemisphere’s growing season nears.
About 1,927 canola contracts had traded as of 8:48 CDT.
Milling wheat, durum, and barley futures were all untraded and
unchanged.
Prices in Canadian dollars per metric ton at 8:48 CDT:
