By Dave Sims, Commodity News Service Canada
WINNIPEG, Feb. 2 – ICE Canada canola contracts were mostly lower Monday morning due to strength in the Canadian dollar, which made canola less attractive on the international market.
The market was initially higher this morning before some traders took profits.
Soymeal and European rapeseed futures were both lower which created some resistance.
Recent rains in South America eased moisture concerns for the crops in Brazil and Argentina.
However, strength in Malaysian palm oil and soyoil helped to underpin the market while slight gains in soybeans were supportive.
Commercials continue to lend support to canola values, according to an analyst.
About 2,000 canola contracts had traded as of 8:40 CST.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:40 CST:
