By Jade Markus, Commodity News Service Canada
WINNIPEG, September 28 – ICE Canada canola contracts were weaker in early activity on Wednesday, tracking losses in Chicago Board of Trade soy oil.
The soy oil market was feeling pressure from overnight losses in Malaysian palm oil. Commodity funds are net-selling soy oil futures, market watchers say, which added to the declines.
Western Canada’s progressing canola harvest was another bearish feature.
Canadian canola crush activity is at a high level, which could provide demand, and limited losses.
Weakness in the Canadian dollar further underpinned the market.
About 2,005 canola contracts had traded as of 8:52 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
