By Jade Markus, Commodity News Service Canada
WINNIPEG, August 26 – ICE Canada canola contracts were mixed Friday morning, as advances in nearby vegetable oil markets offset gains in the Canadian dollar.
Chicago Board of Trade soy oil was stronger in early activity, while Malaysian palm oil closed higher overnight, which provided spillover support to front canola contracts.
Excess moisture in areas of Western Canada is expected to curb yields, which further propped up prices.
However, that support was limited by gains in the Canadian dollar against its US counterpart.
Canola’s technical bias is to the downside, market watchers say, which could further pressure the market.
About 2,452 canola contracts had traded as of 8:51 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:51 CDT:
