By Terryn Shiells, Commodity News Service Canada
Winnipeg, Dec 10 – Canola contracts on the ICE Futures Canada platform were weaker amid choppy activity Wednesday morning. Profit taking on recent advances helped to weigh on prices, as did spillover from the weakness in Chicago soybeans, analysts said.
The large US soybean crop and forecasts calling for beneficial growing conditions in South America this week also undermined the market.
Expectations that large Canadian canola production will increase 2014/15 ending stocks were also bearish.
The losses were limited by spillover support from the gains in Chicago soyoil, Malaysian palm oil and European rapeseed futures.
The downswing in the value of the Canadian dollar and solid commercial demand for canola were also underpinning the market, traders said.
As of 8:44 CST, about 11,850 contracts had traded. Positioning ahead of the USDA’s monthly crop report, out at 11:00 CST Wednesday, was a feature of the activity.
Milling wheat, durum and barley futures were untraded following price revisions after Tuesday’s close.
Prices in Canadian dollars per metric ton at 8:44 CST:
