By Jade Markus, Commodity News Service Canada
WINNIPEG, March 24 – ICE Canada canola contracts were stronger Thursday morning, supported by losses in the Canadian dollar.
The loonie shed about a cent against the US dollar on Wednesday, and continued its declines on Thursday, which made canola more appealing to foreign buyers.
But spill over weakness from Chicago Board of Trade soy oil limited canola’s gains—as the stronger US currency was bearish for that market.
Malaysian palm oil closed weaker overnight.
Market watchers expect canola to be sluggish on Thursday, as traders are less likely to be aggressive ahead of a holiday.
Canadian and US markets will be closed March 25 for Good Friday.
About 2,665 canola contracts had traded as of 8:44 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:44 CDT:
