By Dave Sims, Commodity News Service Canada
WINNIPEG, February 10 – ICE Canada canola contracts corrected higher Wednesday morning, retracing some of their steps following yesterday’s losses.
The Canadian dollar was lower relative to its US counterpart, which made canola a more attractive purchase for out-of-country customers.
Chicago soyoil, Malaysian palm oil and crude oil were all higher which contributed to the advances.
North American financial markets were posting gains in the early going, which has to be viewed as supportive, following yesterday’s losses and two days of equity selloffs.
However, the looming South American soy crop cut into gains as international buyers shifted their attention to acquiring soybeans from Brazil and Argentina.
Losses in US soybeans and European rapeseed futures were bearish for the market.
The technical bias is pointed to the downside.
About 9,200 canola contracts had traded as of 8:50 CST.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:50 CST:
