By Terryn Shiells, Commodity News Service Canada
Winnipeg, March 3 – Canola contracts on the ICE Futures Canada platform were mostly lower Tuesday morning, undermined by profit taking as Monday’s gains were thought to be overdone, analysts said.
Spillover pressure also came from the declines seen in Chicago soybean and European rapeseed futures in early and overnight activity.
The upswing in the value of the Canadian dollar added to the bearish tone, as it made canola more expensive to crushers and exporters.
However, some spillover support came from the advances seen in Chicago soyoil and Malaysian palm oil futures.
Worries that logistics problems will continue to slow the movement of soybeans out of South America also limited the losses.
As of 8:43 CST Tuesday, about 6,380 contracts had traded.
Milling wheat, durum and barley futures were untraded following revisions after Monday’s close.
Prices in Canadian dollars per metric ton at 8:43 CST:
