By Terryn Shiells, Commodity News Service Canada
Winnipeg, Jan. 21 – Canola contracts on the ICE Futures Canada platform were slightly weaker Wednesday morning amid choppy activity.
Spillover pressure from the weakness in Malaysian palm oil and Chicago soyoil futures weighed on the market, analysts said.
Expectations that South America will harvest a record large soybean crop and ideas that canola is overpriced compared to other oilseeds were also bearish.
The Canadian dollar was slightly higher Wednesday morning, which was bearish. Though, it remains below the 83 cents US mark.
Some spillover support came from the firmer tone in Chicago soybean and European rapeseed futures in early and overnight activity.
Steady commercial demand for Canadian canola was also bullish.
As of 8:49 CST Wednesday, about 5,650 contracts had traded.
Milling wheat, durum and barley futures were untraded, following revisions by the Exchange after Tuesday’s close.
Prices in Canadian dollars per metric ton at 8:49 CST:
