By Dave Sims, Commodity News Service Canada
WINNIPEG, March 4 – Canola contracts on the ICE Futures Canada platform were weaker at 10:45 CST Wednesday, weighed down by losses in the US soy complex.
The stronger Canadian dollar also pressured canola prices as it made canola less attractive to out-of-country buyers.
One analyst said canola was holding up to the pressure quite well, but it would face added resistance at the close.
“For now everybody is standing back and waiting, they’re going to wait and make sure the US commodities stay down and the Canadian dollar stays up,” said the analyst, noting it was a superb selling opportunity for growers.
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Losses in Malaysian palm oil were also bearish for values.
On the other side, the Bank of Canada announced it would hold interest rates steady which kept overall market activity routine.
Canola is nearing support in its consolidation pattern, said an analyst.
Spring road bans throughout the Prairies will likely keep some producers from making deliveries.
Around 6,500 contracts had traded as of 10:45 CST, Wednesday.
Milling wheat, durum and barley were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:45 CST:
