By Jade Markus, Commodity News Service Canada
WINNIPEG, January 25 – ICE Canada canola contracts were mostly lower in early activity on Monday, tracking weakness in Chicago Board of Trade soy oil.
However, weakness in the Canadian dollar limited canola’s losses.
Canola is moving near key support levels, market watchers say, and could bounce from those levels.
Despite mixed reports, many analysts say South America’s soybean crop is in good condition, which will pressure US contracts, and could cause weakness in canola.
South American producers are expected to sell their crops into the market soon.
Malaysian palm oil closed stronger.
About 2,144 canola contracts had traded as of 8:47 CST.
Milling wheat, durum, and barley futures were all untraded and
unchanged.
Prices in Canadian dollars per metric ton at 8:47 CST:
