By Jade Markus, Commodity News Service Canada
WINNIPEG, February 29 – ICE Canada canola contracts were weaker in early activity on Monday, pressured by losses in Chicago Board of Trade soy oil and soybeans.
Canola’s technical bias is to the downside, market watchers say, after a sharp sell-off last week.
Malaysian palm oil closed lower overnight.
However, the Canadian dollar was weaker against its US counterpart in early activity on Monday, which limited losses and made canola more appealing to buyers.
Canola could gather support from strong commercial demand, which could increase further with lower prices.
About 1,217 canola contracts had traded as of 8:25 CST.
Milling wheat, durum, and barley futures were all untraded and
unchanged.
Prices in Canadian dollars per metric ton at 8:25 CST:
