By Dave Sims, Commodity News Service Canada
WINNIPEG, January 15 – ICE Canada canola contracts were lower Friday morning, following weakness in the US soy complex.
Weakness in European rapeseed futures, crude oil and Chinese financial markets also contributed to the bearish tone, an analyst said.
Profit-taking could be a factor before the weekend, according to a report.
The improving state of the South American soy crop also helped to undermine the market.
However, the Canadian dollar was lower which made canola more attractive to domestic crushers and foreign buyers.
Commercial buying is steady and the bias has shifted to the upside, according to a report.
About 3,500 canola contracts had traded as of 8:48 CST.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:48 CST: