By Dave Sims, Commodity News Service Canada
WINNIPEG, June 9 – Canola contracts on the ICE Futures Canada platform were lower at 8:55 CDT on Thursday, following declines in US soybeans and influenced by some technical trading.
Losses in Malaysian palm oil and crude oil added to the downside.
There are ideas that yesterday’s gains were overdone, according to a report.
The US soybean crop is off to a good start while weather conditions across Western Canada have turned relatively favourable for canola.
However, the Canadian dollar was lower relative to its US counterpart, which made canola more desirable on the international market.
Commercial demand for canola is strong, which limited the losses.
Farmer selling is sluggish, an analyst said.
About 5,000 canola contracts had traded as of 8:55 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
