By Jade Markus, Commodity News Service Canada
WINNIPEG, June 16 – ICE Canada canola contracts were weaker in early activity on Thursday, tracking losses in the US soy complex.
Chicago Board of Trade soybeans, soy oil, and soymeal were weaker in early activity, feeling pressure from gains in the US dollar.
The expectation that those markets may be overbought added to the declines.
Canola closed weaker on Wednesday, which could cause technical selling to build on itself, which further pressured the market.
Malaysian palm oil lost ground overnight, which caused spillover weakness in the canola market.
However, losses in the Canadian dollar against its US counterpart capped some of canola’s declines on Thursday.
The commodity-linked loonie moved lower with crude oil markets, which underpinned canola by making it more affordable to international buyers.
About 8,406 canola contracts had traded as of 8:47 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:47 CDT:
