By Dave Sims, Commodity News Service Canada
WINNIPEG, Jan. 9 – ICE Canada canola contracts were mostly lower in thin trading Friday morning as traders positioned themselves ahead of Monday’s USDA crop production and monthly grain stocks report.
The US soy complex was mostly lower, which was bearish.
Losses in Malaysian palm oil and European rapeseed futures added to the softer tone.
The March contract is testing the key resistance point of C$450 per tonne, said an analyst.
Farmer selling is expected to accelerate soon now that we are in a new tax year, according to a report.
However, weakness in the Canadian dollar helped to underpin the market as it made canola more attractive on the international stage.
Dry weather in key South American soybean crop areas lent support to values.
About 1,900 canola contracts had traded as of 8:35 CST.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:35 CST:
