By Jade Markus, Commodity News Service Canada
WINNIPEG, June 15 – ICE Canada canola contracts were weaker in early activity on Wednesday, following Chicago Board of Trade soy oil markets lower.
CBOT soy oil lost ground Wednesday morning, pressured by overnight losses in Malaysian palm oil.
From a technical standpoint, canola prices have hit resistance, which could cause prices to decline further, market watchers say.
Traders say canola is likely to move to the lower levels of a sideways trading range, which is bearish.
But weakness in the Canadian dollar limited canola’s losses on Wednesday, as a lower loonie makes the commodity more appealing to international buyers.
Strong commercial demand for canola continued to underpin the market.
About 5,041 canola contracts had traded as of 8:40 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:40 CDT:
