By Terryn Shiells, Commodity News Service Canada
Winnipeg, May 21 – Canola contracts on the ICE Futures Canada platform were weaker Wednesday morning, seeing a downward correction following Tuesday’s gains, analysts said.
Spillover pressure from the losses seen in Malaysian palm oil and European rapeseed futures overnight also weighed on the market.
The large Canadian canola supply situation and a mostly weaker tone in Chicago soyoil futures Wednesday morning were also bearish.
However, some spillover support came from the gains seen in Chicago soybean futures.
Concerns about the late spring in Western Canada, slow farmer selling and ideas that canola is undervalued compared to other oilseeds limited the declines.
As of 8:43 CDT Wednesday, about 2,900 contracts had traded.
Milling wheat, durum and barley futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:43 CDT:
