By Jade Markus, Commodity News Service Canada
WINNIPEG, March 23 – ICE Canada canola contracts were mixed in choppy trading Wednesday morning, as losses in the Canadian dollar against its US counterpart balanced a number of bearish influencers.
Canola prices had been pushed lower in previous sessions as strength in the Canadian dollar made canola less appealing to foreign buyers.
The loonie was handing back some of those gains Wednesday, which allowed canola to advance.
Canola’s technical bias is to the upside, and traders are adding a weather premium into the market, which further supported prices.
However, losses in Chicago Board of Trade (CBOT) soybeans and soy oil limited canola’s gains.
Traders think the soybean market might be overbought.
Malaysian palm oil closed mixed overnight.
About 3,426 canola contracts had traded as of 8:42 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:42 CDT:
