By Jade Markus, Commodity News Service Canada
WINNIPEG, July 22 – ICE Canada canola contracts were lower in early activity on Friday, pressured by weakness in Chicago Board of Trade soybeans.
US soybeans declined Friday morning as fund traders liquidated positions.
The Canadian dollar was slightly stronger against its US counterpart in early activity, which added to canola’s declines.
A stronger loonie makes canola less appealing to international buyers.
Malaysian palm oil closed lower overnight, which added to the bearish tone.
Canola’s technical bias is to the downside, analysts say, which furthered losses.
However, excess moisture in parts of the Prairies is limiting losses.
About 3,799 canola contracts had traded as of 8:43 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
