By Jade Markus, Commodity News Service Canada
WINNIPEG, December 8 – ICE Canada canola contracts were weaker in early activity on Thursday, tracking declines in the Chicago Board of Trade soy complex.
CBOT soybeans, soymeal and soy oil were weaker in early activity, pressured by position squaring ahead of data from the United States Department of Agriculture due out on Friday.
Mostly favourable weather in South America further pressured those markets.
Malaysian palm oil closed weaker overnight, which added spillover pressure to canola.
The Canadian dollar was stronger against its US counterpart Thursday morning, which was also bearish for canola.
A stronger loonie makes canola less appealing to international buyers.
However, a supportive production number released by Statistics Canada on Tuesday limited the market’s downside.
About 5,554 canola contracts had traded as of 8:50 CST.
