By Dave Sims, Commodity News Service Canada
WINNIPEG, June 24 – ICE Canada canola contracts were lower Wednesday morning, in sympathy with US soybeans and on follow-through selling from yesterday’s session.
Profit-taking could be a feature today as canola looks vulnerable to a pull-back, according to a report.
According to an analyst, canola will likely lose market-share to other vegetable oils this year.
However, strength in US soyoil and Malaysian palm oil limited the losses.
The Canadian dollar was slightly weaker relative to its US counterpart which helped make canola more attractive on the international market.
Dryness across much of the Western Prairie continues to stress the canola crop while acting as a support for prices.
About 4,000 canola contracts had traded as of 8:35 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:35 CDT:
