By Dave Sims, Commodity News Service Canada
WINNIPEG, March 19 – ICE Canada canola contracts were lower Thursday morning, largely pressured by losses in the US soy complex.
Malaysian palm oil futures were also lower which cast some resistance over values.
The large soybean crop in South America was bearish as more countries are turning to it for their needs.
However, the losses were limited by the Canadian dollar which was lower against its American counterpart. This made canola more attractive to domestic crushers and exporters.
Dry conditions in Western Canada have instituted a slight weather premium in values along with talk that canola-specific dry fertilizer is becoming scarce.
The technical bias is shifting to the downside, any bounce could be considered a selling opportunity, according to a trader.
About 2,500 canola contracts had traded as of 8:45 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:45 CDT: