By Jade Markus, Commodity News Service Canada
WINNIPEG, August 11 – ICE Canada canola contracts were weaker in early activity on Thursday, pressured by advances in the Canadian dollar.
The loonie gained ground against its US counterpart on Thursday, following crude oil futures.
Uncertainty about the size of Western Canada’s upcoming crop brought an element of turbulence into the market, though traders generally expect the crop to be large, which is bearish.
Losses in the Chicago Board of Trade soy oil market added to the declines.
Market watchers say canola’s technical bias is to the upside, which could underpin prices throughout the day.
About 2,693 canola contracts had traded as of 8:51 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
