By Dave Sims, Commodity News Service Canada
WINNIPEG, Dec. 3 – ICE Canada canola contracts were weaker Wednesday morning, in sympathy with soybeans and a stronger Canadian dollar.
Spillover selling from European rapeseed futures also contributed to the losses.
However, soyoil and Malaysian palm oil were both higher which gave support to the market.
Traders are likely positioning themselves ahead of Thursday’s updated production estimates, said an analyst, who noted activity between now and then could be choppy.
Commercial buying remains strong with some players likely looking for bargains before the report is released.
About 2,900 canola contracts had traded as of 8:30 CST.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:30 CST:
