By Phil Franz-Warkentin, Commodity News Service Canada
February 18, 2015
Winnipeg – ICE Canada canola contracts were lower Wednesday morning, as the market saw some modest profit-taking after hitting its highest levels in over seven months on Tuesday.
Losses in CBOT soybeans and soyoil put some spillover pressure on the canola market, according to participants. The large South American soybean crop also remained a bearish influence in the background.
On the other side, solid commercial demand underneath the market, a weaker tone in the Canadian dollar, and advances in Malaysian palm oil overnight all provided some support for canola.
Ideas that the general technical trend remains pointed higher were also supportive, with any losses seen as good buying opportunities from a chart standpoint.
About 5,500 canola contracts had traded as of 8:53 CST.
Milling wheat, durum, and barley futures were all untraded after seeing some price revisions following Tuesday’s close.
Prices in Canadian dollars per metric ton at 8:53 CST:
