By Dave Sims, Commodity News Service Canada
WINNIPEG, February 26 – ICE Canada canola contracts were lower Friday morning in follow-through selling on the heels of yesterday’s sharp losses.
The Canadian dollar was higher relative to its US counterpart, which made canola less enticing from an international buyer’s point of view.
Weakness in European rapeseed futures contributed to the declines. Malaysian palm oil showed minimal gains on Friday but was still relatively lower after a week-long sell-off, according to a report.
Yesterday’s steep losses turned the bias to the downside, an analyst said.
Demand for canola is slowing as fresh oilseed supplies from South America begin to enter the market, traders said.
On the other side, gains in the US soy complex limited the losses.
About 2,800 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:
