By Jade Markus, Commodity News Service Canada
WINNIPEG, March 3 – ICE Canada canola contracts were weaker in early activity Thursday morning, taking a breather after yesterday’s volatility.
Traders were reluctant to get involved in the market on Thursday, after choppy trading Wednesday, but gains in Chicago Board of Trade soy oil and a weaker Canadian dollar limited losses.
China has indicated in buying plans that it prefers soy oil to canola, which is bearish.
The Canadian dollar was weaker Thursday morning, tracking losses in crude oil futures. A weaker loonie makes canola more attractive to international buyers.
Malaysian palm oil closed stronger overnight.
Strong commercial demand for canola also capped losses, market watchers say.
About 4,107 canola contracts had traded as of 8:45 CST.
Milling wheat and durum futures were all untraded and unchanged.
Barley was holding steady in light activity on Thursday morning.
Prices in Canadian dollars per metric ton at 8:45 CST:
