By Jade Markus, Commodity News Service Canada
WINNIPEG, January 26 – ICE Canada canola contracts were mostly weaker in early activity on Tuesday, pressured by a stronger Canadian dollar.
However, strength in Chicago Board of Trade soy oil limited losses and kept trade choppy on Tuesday.
Canola is also seeing a bounce after reaching key support levels on the charts, market watchers say, which is supportive.
Analysts say commercial demand for canola is lagging, which could undermine prices in coming sessions.
Traders are closely watching South America’s soy crop. Hot and dry weather in some regions could prop up US prices, but overall, crops appear to be healthy.
Malaysian palm oil closed weaker.
About 2,237 canola contracts had traded as of 8:42 CST.
Milling wheat, durum, and barley futures were all untraded and
unchanged.
Prices in Canadian dollars per metric ton at 8:42 CST:
