By Dave Sims, Commodity News Service Canada
WINNIPEG, November 20 – ICE Canada canola contracts were lower Friday morning tracking losses in the CBOT soy complex.
The Canadian dollar was slightly higher relative to its US counterpart which made canola less desirable to foreign buyers.
Malaysian palm oil and European rapeseed futures were both slightly weaker which also weighed on prices.
Canola is expensive compared to other vegetable oils which was bearish, according to a report.
However, some soybean fields in South America are too dry right now which gave some support to canola.
Commercial buying continues to underpin the market along with steady interest from China.
Bargain hunters could be looking to secure some contracts before the weekend, said an analyst.
About 4,900 canola contracts had traded as of 8:55 CST.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:55 CST:
