By Dave Sims, Commodity News Service Canada
WINNIPEG, December 17 – ICE Canada canola contracts were lower Thursday morning, once again following losses in the CBOT soy complex.
European rapeseed futures and Malaysian palm oil were both lower which also weighed down canola.
Crop conditions in South America are relatively favourable right now although a few areas could use some more rain. Argentina looks like it is preparing to unload soybeans onto the market, according to a report.
However, the Canadian dollar was lower relative to its US counterpart which made canola more attractive on the international market.
Crude oil is stronger which could spill over to canola, said an analyst.
Commercial interest in canola continues to prop up the market, according to a report. Some analysts speculate China is looking for bargains.
About 5,000 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:
