By Dave Sims, Commodity News Service Canada
WINNIPEG, March 25 – Canola contracts on the ICE Futures Canada platform were mostly lower at 10:45 CDT Wednesday, due to pressure from speculators who decided to exit their positions.
“We’re seeing liquidation pressure, old crop canola has gotten pretty expensive and speculators are cashing out the profits they (originally) pushed higher,” said an analyst.
Losses in Malyasian palm oil and European rapeseed futures were also bearish for values.
Canola is lacking direction right now as large funds sit on the sidelines trying to gauge which way things will go, according to a report.
However, losses in the Canadian dollar lent strength to values as it made canola more attractive to out-of-country buyers.
The US soy complex was higher which also limited the losses.
Commercial demand remains steady, said a trader.
Around 15,500 contracts had traded as of 10:45 CDT, Wednesday.
Milling wheat, durum and barley were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:55 CDT:
