By Jade Markus, Commodity News Service Canada
WINNIPEG, June 22 – The ICE Canada canola market was lower in early activity on Thursday.
Canola was feeling pressure from weakness in the Chicago Board of Trade soy complex, which dropped with reports of favourable crop conditions and follow-through selling.
The Canadian dollar was higher against its US counterpart on Thursday, which was also bearish for canola, as it makes the commodity less affordable for international buyers.
Canadian crop conditions are expected to be mostly-good, further pressuring values.
A weaker technical bias added to the bearish tone.
However, investors are keeping a weather-related premium in the market, which limited the downside.
Tight supplies of the commodity are also keeping the market underpinned.
About 4,035 canola contracts had traded as of 8:57 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:57 CDT:
