By Jade Markus, Commodity News Service Canada
WINNIPEG, December 29 – ICE Canada canola contracts were lower in early activity on Thursday.
Canola was feeling spillover pressure from losses in the Chicago Board of Trade soy oil market and overnight weakness in Malaysian palm oil.
A weaker technical bias was also bearish for values.
The Canadian dollar gained ground against its US counterpart Thursday morning, which added to canola’s weakness.
A stronger loonie makes canola less affordable to international buyers.
However, market watchers say canola may have become oversold, which could underpin the market in coming sessions.
Strong commercial demand limited losses.
About 5,397 canola contracts had traded as of 8:56 CST.
Milling wheat, durum, and barley futures were all untraded and unchanged.
