By Dave Sims, Commodity News Service Canada
WINNIPEG, December 28 (CNS) – Canola contracts on the ICE Futures Canada platform were lower at 10:35 CST on Thursday, following declines in vegetable oil markets.
The Canadian dollar was over a third of a cent stronger relative to its United States counterpart, which made canola less appealing to foreign buyers.
Losses in U.S. soybeans were bearish for canola.
The most-active March contract broke below major resistance this morning.
However, canola’s lower prices are starting to attract some bargain hunters.
Slow farmer selling helped to prop up prices somewhat.
About 8,800 canola contracts had traded as of 10:35 CST.
Prices in Canadian dollars per metric ton at 10:35 CST:
