By Dave Sims, Commodity News Service Canada
WINNIPEG, July 7 – Canola contracts on the ICE Futures Canada platform were weaker at 10:30 CDT on Thursday, tracking losses in the US soy complex.
Malaysian palm oil was also lower which weighed on canola.
The Canadian dollar was higher relative to its US counterpart, which made canola less attractive to international customers.
Losses in crude oil helped undermine the market while global economic uncertainty was also bearish.
However, canola is still holding above key technical support on the price charts, according to a report.
Wet conditions in some parts of the eastern Prairies have thrown a slight weather premium into the market.
About 8,300 canola contracts had traded as of 10:30 CDT.
Milling wheat, barley and durum were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:30 CDT:
