By Terryn Shiells, Commodity News Service Canada
WINNIPEG, Jan. 28 – Canola futures on the ICE Canada trading platform were weaker at midsession Wednesday, following the sharp declines seen in Chicago soyoil futures.
Speculative long liquidation, as prices ran into chart resistance earlier in the session, added to the bearish tone, according to analysts.
Expectations of record large South American oilseed production were also overhanging prices, as were ideas that Canadian canola supplies remain very comfortable.
However, weakness in the Canadian dollar limited the declines, as it made canola more attractive to crushers and exporters.
Steady end user demand for canola and strength in Malaysian palm oil futures overnight were also supportive.
As of 10:34 CST Wednesday, about 10,850 contracts had traded.
Milling wheat, barley and durum futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:34 CST:
