By Jade Markus, Commodity News Service Canada
WINNIPEG, June 24 – ICE Canada canola contracts moved lower on Friday, feeling general downward pressure from Brexit and losses in Chicago Board of Trade soybeans.
Britons voted to leave the European Union in a referendum, and the following uncertainty had a bearish effect on many equity and commodity markets.
CBOT soybeans moved lower on Friday, which added to canola’s declines.
“I think the soybean market is getting tired. It’s probably got a lot more downside, growing conditions are pretty much ideal,” said one Winnipeg-based trader.
Malaysian palm oil closed weaker overnight, which furthered canola’s losses.
The risk-sensitive Canadian dollar lost ground against its US counterpart, which underpinned canola, and limited some declines.
About 13,438 contracts had traded as of 11:52 EDT.
Milling wheat, durum and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric tonne at 11:52 EDT:
