By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Jan. 6 (CNS Canada) – ICE Canada canola contracts were lower Friday morning, as losses in Chicago Board of Trade soybeans put some pressure on values.
Malaysian palm oil and European rapeseed futures were also down on the day, while strength in the Canadian dollar was another bearish influence.
However, canola does still remain attractively priced compared to other oilseeds, keeping some buying interest in the market.
Chart support was also holding to the downside, with the March contract trading above the psychological C$500 per tonne mark.
About 3,000 canola contracts had traded as of 8:48 CST.
Milling wheat, durum, and barley futures were all untraded.
