By Terryn Shiells, Commodity News Service Canada
Winnipeg, April 10 – Canola contracts on the ICE Futures Canada platform were weaker Thursday morning amid profit taking following recent gains, brokers said.
Spillover pressure from the declines seen in Malaysian palm oil, European rapeseed and Chicago soyoil futures also weighed on prices.
Large Canadian canola supplies and expectations that farmers will plant more acres of canola this spring added to the bearish tone.
However, continued ideas that canola is undervalued compared to other oilseeds helped to limit the declines, as did the downswing in the value of the Canadian dollar.
The technical bias in the market is now pointed higher, which will make any weakness a good buying opportunity, analysts said.
As of 8:38 CDT Thursday, about 3,900 contracts had traded.
Milling wheat, durum and barley futures were untraded following price revisions after the close on Wednesday.
Prices in Canadian dollars per metric ton at 8:38 CDT:
