By Terryn Shiells, Commodity News Service Canada
Winnipeg, March 4 – Canola contracts on the ICE Futures Canada platform were mostly weaker Wednesday morning, following the declines seen in Chicago soybean and soyoil futures.
Further spillover pressure came from the weakness seen in Malaysian palm oil futures in overnight activity, analysts said.
The large global oilseed supply situation and ongoing expectations that South America’s soybean crop will be record large added to the bearish tone.
Chart-based selling further undermined the market, participants added.
However, the downswing in the value of the Canadian dollar limited the losses, as it made canola more attractive to crushers and exporters.
Expectations that spring road bans will slow the movement of canola in Western Canada over the next few weeks were also supportive.
As of 8:47 CST Wednesday, about 1,170 contracts had traded.
Milling wheat, durum and barley futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:47 CST:
