By Dave Sims, Commodity News Service Canada
WINNIPEG, December 16 – Canola contracts on the ICE Futures Canada platform were mostly lower Friday morning, following losses in Chicago Board of Trade soyoil and Malaysian palm oil.
The Brazilian crop looks very large and harvest is just a few weeks away, which was bearish for canola.
Rain is expected to fall on parched regions of Argentina next week, which should aid development of the country’s soybean crop.
CBOT soybeans were slightly weaker, which added to the downside.
However, the Canadian dollar was weaker relative to its US counterpart, which made canola more attractive to out-of-country buyers.
Farmer selling has slowed down somewhat as growers look ahead to the next tax year.
Milling wheat, barley and durum were untraded.
Prices in Canadian dollars per metric ton at 8:59 CST:
