By Terryn Shiells, Commodity News Service Canada
WINNIPEG, Feb. 18 – Canola futures on the ICE Canada trading platform were weaker at midsession Wednesday, following the declines seen in Chicago soybean and soyoil futures, analysts said.
Profit taking on recent advances and a pickup in farmer selling in Western Canada after Tuesday’s gains also put downward pressure on values.
The large South American soybean supply situation added to the bearish tone, as did increased selling of soybeans by farmers in the US and South America.
However, some spillover support came from the advances seen in Malaysian palm oil and European rapeseed futures overnight.
Steady commercial demand, positive chart signals and weakness in the value of the Canadian dollar also limited the losses.
As of 10:38 CST Wednesday, about 13,400 contracts had traded.
Milling wheat, barley and durum futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:38 CST:
