By Dave Sims, Commodity News Service Canada
WINNIPEG, Feb. 25 – ICE Canada canola contracts were lower Wednesday morning, due to pressure from a stronger Canadian dollar which made canola less attractive to crushers and exporters.
Values were also pushed lower by losses in soybeans and soymeal while Malaysian palm oil and European rapeseed futures were also on the defensive.
There are ideas that canola is overbought, according to a trader.
Continued good weather in South America is aiding the harvests in Brazil and Argentina which was bearish for canola, analysts say.
However, canola has received some strength from soyoil which limited the losses.
Commercial demand remains strong which underpinned the market along with a technical bias which is leaning to the upside.
About 1,600 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:
