By Jade Markus, Commodity News Service Canada
WINNIPEG, August 30 – ICE Canada canola contracts were mixed Tuesday morning, as the ongoing Canadian canola harvest put a lid on
prices.
Analysts say canola’s technical bias is to the downside, which could further pressure the market throughout the day.
The loonie declined against its US counterpart in early activity, which capped declines as it makes the commodity more appealing to international buyers.
Spill over support from overnight strength in the Malaysian palm oil market was also a feature.
The expectation that excess moisture in Western Canada will reduce this year’s output added to the advances.
About 2,902 canola contracts had traded as of 8:38 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:38 CDT:
