By Dave Sims, Commodity News Service Canada
WINNIPEG, March 22 (CNS) – Canola contracts on the ICE Futures Canada platform were lower on Thursday, due to weakness in U.S. soyoil.
Recent strength in the value of the Canadian dollar weighed on values.
Expectations that this year’s carryout will be two million tonnes or more discouraged traders from taking risky positions.
U.S. soybeans were also weaker, which undermined the market.
However, the Malaysian government has reintroduced an export tax on palm oil, which was supportive for other oilseeds.
Global demand for canola remains steady.
Prices in Canadian dollars per metric ton at 8:57 CDT:
