By Jade Markus, Commodity News Service Canada
WINNIPEG, April 22 – ICE Canada canola contracts were lower in early activity on Friday, pressured by losses in Chicago Board of Trade soy oil and gains in the Canadian dollar.
The loonie gained ground against its US counterpart Friday morning, supported by favourable domestic data and gains in crude oil.
CBOT soy oil was tracking losses in Malaysian palm oil, which closed lower overnight.
Spill-over weakness from those markets pressured canola.
Sharp gains in earlier sessions could mean the market will see investor profit-taking, which would further pressure prices.
However, the expectation that Canadian farmers will seed less canola this year continued to underpin the market, and limit losses.
About 4,797 canola contracts had traded as of 8:34 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:34 CDT:
