By Dave Sims, Commodity News Service Canada
WINNIPEG, March 26 – Canola contracts on the ICE Futures Canada platform were lower at 10:45 CDT Thursday, feeling pressure from US soybeans and soymeal which were weaker and some speculative action.
“I think there’s some selling hitting the market, spec selling and maybe some farmer selling; the price is not bad,” said an analyst.
He adds many funds are holding large, long positions and want to grab profits before the release of the March 31 planting intentions report, when the market may move too quickly to react.
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The Canadian dollar was higher against its US counterpart which furthered the losses, as the stronger loonie weighs on domestic crushers and exporters.
However, US soyoil, Malaysian palm oil and European rapeseed futures were all stronger which helped to underpin values.
Traders are also putting a weather premium into the market as much of Western Canada is considered too dry.
Commercial demand for canola remains strong, according to a report.
Around 8,000 contracts had traded as of 10:45 CDT, Thursday.
Milling wheat, durum and barley were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:45 CDT:
