By Terryn Shiells, Commodity News Service Canada
WINNIPEG, March 12 – Canola futures on the ICE Canada trading platform were weaker at midsession Thursday, seeing a downward correction following Wednesday’s sharp advances.
Speculators were also bailing out of their positions and taking profits after making a good chunk of money on the old crop, new crop spread, according to a broker.
Further spillover pressure came from the declines seen in outside oilseeds, including the Chicago soy complex and Malaysian palm oil futures.
The upswing in the value of the Canadian dollar added to the bearish tone, as it made canola more expensive to crushers and exporters.
However, commercial demand for canola remains steady, which helped to limit the declines.
The need to keep weather premiums in the market also provided some support for the new crop contracts, traders noted.
As of 10:40 CDT Thursday, about 16,130 contracts had traded.
Milling wheat, barley and durum futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:40 CDT:
