By Jade Markus, Commodity News Service Canada
WINNIPEG, March 24 – ICE Canada canola were mixed in choppy trade Friday morning.
Losses in the US soy complex added spill-over pressure to canola.
Chicago Board of Trade soybeans, soy meal, and soy oil dropped in early activity with reports of strong farmer selling from Brazil, as the country has seen heavy production.
Sharp declines in the previous session also moved canola’s technical bias to the downside, which is bearish.
However, weakness in the Canadian dollar limited the market’s declines. A lower loonie makes canola more appealing to international buyers.
Traders are starting to bake a weather premium into the market ahead of North America’s canola production, which limited the downside.
About 9,381 canola contracts had traded as of 8:52 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:52 CDT:
