By Jade Markus, Commodity News Service Canada
WINNIPEG, January 21 – ICE Canada canola contracts were weaker in early activity on Thursday, pressured by strength in the Canadian dollar and weakness in Chicago Board of Trade soy oil.
The Canadian dollar gained some ground against the US dollar in early activity on Thursday, which made canola less appealing to buyers.
Slight weakness in Chicago Board of Trade soy oil also caused spill over pressure in canola.
However, analysts say dryness in Brazilian growing regions continues to put the crops at risk, which could support soy contracts throughout Thursday.
Bargain buying could be a supportive feature in today’s canola market, analysts say.
Malaysian palm oil closed lower.
About 1,426 canola contracts had traded as of 8:36 CST.
Milling wheat, durum, and barley futures were all untraded and
unchanged.
Prices in Canadian dollars per metric ton at 8:36 CST:
