By Jade Markus, Commodity News Service Canada
WINNIPEG, March 1 – ICE Canada canola contracts were mixed, but mostly lower, in choppy trading Tuesday morning.
Gains in the Canadian dollar pressured canola, while strength in Chicago Board of Trade (CBOT) soybeans provided spillover support on Tuesday.
Market watchers say canola’s technical bias is still to the downside, and selling will likely continue, which is bearish.
However, commercial demand for canola remains strong, analysts say, especially at lower prices, which is a supportive feature.
Malaysian palm oil closed stronger overnight.
About 3,545 canola contracts had traded as of 8:45 CST.
Milling wheat, durum, and barley futures were all untraded and
unchanged, although prices were revised after yesterday’s close.
Prices in Canadian dollars per metric ton at 8:45 CST:
