By Terryn Shiells, Commodity News Service Canada
Winnipeg, Dec 9 – Canola contracts on the ICE Futures Canada platform were slightly weaker Tuesday morning, undermined by profit taking on recent advances, analysts said.
Spillover pressure also came from the declines seen in Malaysian palm oil, Chicago soyoil and European rapeseed futures.
The upswing in the value of the Canadian dollar, the large US soybean crop and good conditions for South American bean production were also bearish.
However, some spillover support came from the firmer tone seen in Chicago soybeans.
Solid commercial demand, slow farmer selling and ideas that any weakness in the market will be seen as a good buying opportunity were also limiting the losses.
As of 8:37 CST, about 2,565 contracts had traded.
Milling wheat, durum and barley futures were untraded following price revisions after Monday’s close.
Prices in Canadian dollars per metric ton at 8:37 CST:
