By Terryn Shiells, Commodity News Service Canada
Winnipeg, MB, March 6, 2015 (CNS Canada) – Canola contracts on the ICE Futures Canada platform were mostly lower Friday morning amid choppy activity, following the declines seen in Chicago soybean and soyoil futures.
Further spillover pressure came from the losses seen in Malaysian palm oil futures overnight.
Follow-through selling on Thursday’s losses, as the market’s technical bias has turned bearish, added to the softer tone, analysts said.
The large global oilseed supply situation and good conditions for South America’s record large soybean crop were also overhanging values.
However, the need to start building a weather premium into the market limited the losses, as did some commercial bargain hunting at the lows.
The downswing in the value of the Canadian dollar was also supportive, as it made canola more attractive to crushers and exporters.
As of 8:46 CST Friday, about 2,830 contracts had traded.
Milling wheat, durum and barley futures were untraded following price revisions after Thursday’s close.
Prices in Canadian dollars per metric ton at 8:46 CST:
