By Terryn Shiells, Commodity News Service Canada
Winnipeg, March 25 – Canola contracts on the ICE Futures Canada platform were weaker Wednesday morning, following the declines seen in European rapeseed and Malaysian palm oil futures overnight, analysts said.
The upswing in the value of the Canadian dollar was also bearish, as it made canola more expensive to crushers and exporters.
However, some spillover support came from the advances seen in Chicago soyoil futures Wednesday morning. CBOT soybeans were narrowly mixed.
The need to keep weather premiums in the market ahead of spring seeding also limited the declines, as did steady commercial demand.
As of 8:43 CDT Wednesday, about 2,985 contracts had traded. Spreading was a feature of the activity.
Milling wheat, durum and barley futures were untraded following price revisions after Tuesday’s close.
Prices in Canadian dollars per metric ton at 8:43 CDT:
