By Jade Markus, Commodity News Service Canada
WINNIPEG, May 26 – ICE Canada canola contracts were mixed, but mostly lower, in early activity on Thursday, pressured by advances in the Canadian dollar.
The loonie gained ground against its US counterpart, which pressured canola by making the commodity less appealing to international buyers.
Beneficial rains in parts of Western Canada added to canola’s declines, as the market had gained with dryness concerns.
Chicago Board of Trade soybeans weakened in early activity, correcting lower after sharp advances on Wednesday, which added spillover pressure to canola.
Commercial demand for canola is also keeping the market supported.
Advances in Malaysian palm oil and Chicago soy oil further underpinned the market.
About 3,479 canola contracts had traded as of 8:43 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
