By Phil Franz-Warkentin, Commodity News Service Canada
March 17, 2015
Winnipeg – Canola contracts on the ICE Futures Canada platform were weaker at midday Tuesday in relatively quiet trade, as the market took some direction from the losses in CBOT soybeans.
Bearish chart signals contributed to the declines, although fund traders were keeping to the sidelines for the most part, according to a broker.
The large South American soybean crop, a slightly firmer tone in the Canadian dollar, and light farmer selling also weighed on values, said traders.
On the other side, scale-down end user pricing did provide some underlying support, according to participants.
The need to keep some weather premiums in the futures ahead of spring seeding was also supportive, with concerns over dryness starting to be raised in parts of Western Canada.
About 6,500 canola contracts had traded as of 10:48 CDT. Milling wheat, durum and barley were all untraded.
Prices in Canadian dollars per metric ton at 10:48 CDT:
