By Dave Sims, Commodity News Service Canada
WINNIPEG, November 4 – Canola contracts on the ICE Futures Canada platform were lower Friday morning, following losses in the vegetable oil market.
Declines in Chicago Board of Trade soybeans, contributed to the downside.
The latest reports from South America suggest soil moisture conditions are favourable for the development of a large soybean crop, which was bearish.
The technical bias is pointed lower.
However, on the other side, a significant portion of the canola crop is still in the field and the lateness of the year suggests not all of it will come off in time, which was supportive for prices.
World demand for oilseeds is strong.
The Canadian dollar was weaker relative to its US counterpart, which made canola more attractive to foreign buyers.
About 2,600 canola contracts had traded as of 8:55 CDT.
Milling wheat, barley and durum were untraded.
Prices in Canadian dollars per metric ton at 8:55 CDT:
