By Dave Sims, Commodity News Service Canada
WINNIPEG, July 11 – Canola contracts on the ICE Futures Canada platform corrected lower Tuesday morning, in the wake of Monday’s rally.
Losses in the US soy complex and Malaysian palm oil market added to the downside.
Profit taking was a feature of the morning’s activity while brisk farmer selling undermined prices.
However, the Canadian dollar was slightly lower, relative to its US counterpart, which made canola more attractive on the international market.
The technical bias is pointed higher.
Global demand for oilseeds remains strong.
Milling wheat, barley and durum were untraded.
Prices in Canadian dollars per metric ton at 8:55 CDT:
