By Dave Sims, Commodity News Service Canada
WINNIPEG, March 7 – ICE Canada canola contracts were mixed Friday morning with the nearby May contract pressured by ideas the market was slightly overbought, while the more deferred contracts followed outside markets higher.
The Canadian dollar was lower relative to its US counterpart, which made canola more attractive to foreign buyers.
Gains in Malaysian palm oil, European rapeseed futures, crude oil and the US soy complex contributed to the advances, traders said.
On the other side, the Brazilian soybean harvest is speeding along with reports suggesting it is 41 per cent complete.
Some global financial markets are under fire today, which cast a bearish tone over the May contract.
About 1,900 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:
