By Dave Sims, Commodity News Service Canada
WINNIPEG, February 27 – Canola contracts on the ICE Futures Canada platform were mostly lower at 10:43 CST on Monday, tracking losses in vegetable oil markets.
Soybeans on the Chicago Board of Trade were also lower, which contributed to the declines.
The US government’s apparent dislike of bio-fuel was bearish for canola, according to an analyst.
The Canadian dollar was higher relative to its US counterpart, which made canola less attractive to out-of-country buyers.
However, the dominant May contract seems to have latched onto technical support at the 200-day moving average of C$513 per tonne.
The massive soybean crop in South America undermined prices.
About 14,000 canola contracts had traded as of 10:40 CST.
Milling wheat, barley and durum were all untraded.
Prices in Canadian dollars per metric ton at 10:40 CST:
