By Jade Markus, Commodity News Service Canada
WINNIPEG, June 23 – ICE Canada canola contracts moved lower on Thursday, as liquidation from spec funds continued to pressure the market.
Positioning ahead of Statistics Canada’s next acreage report, due out June 29, was also a feature on Wednesday, one Winnipeg-based trader said.
Gains in the Canadian dollar against its US counterpart were also bearish for canola.
A stronger loonie makes canola less affordable to international buyers.
Canola’s technical bias remains to the downside, which is bearish.
However, advances in Chicago Board of Trade soybeans and soy oil markets underpinned canola and limited declines.
Malaysian palm oil closed higher overnight.
About 14,187 contracts had traded as of 10:27 CDT.
Milling wheat, durum and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric tonne at 10:27 CDT:
