By Terryn Shiells, Commodity News Service Canada
Winnipeg, Nov 19 – Canola contracts on the ICE Futures Canada platform were weaker Wednesday morning, following the weakness in the Chicago soy complex, analysts said.
Spillover pressure also came from the declines seen in Malaysian palm oil and European rapeseed futures overnight.
Technical selling, as the market has been struggling to follow-through on strong closes this week, added to the bearish tone, brokers said.
Generally good planting conditions for South American soybeans and the record large US soybean crop continued to overhang prices.
However, weakness in the Canadian dollar limited the declines, as did slow farmer selling in Western Canada.
As of 8:43 CST, about 4,590 contracts had traded.
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 CST:
