By Terryn Shiells, Commodity News Service Canada
Winnipeg, Jan. 30 – Canola contracts on the ICE Futures Canada platform were slightly softer, testing contract lows Thursday morning. Weakness seen in Chicago soybean and European rapeseed futures spilled over to weigh on canola, analysts said.
Concerns that China may start to cancel previously made US soybean orders soon were bearish for the oilseed markets.
Continued logistics problems in Western Canada, slow usage of canola and expectations of large carryout stocks continued to overhang prices.
However, weakness in the value of the Canadian dollar, as it remains below the 90 cents US mark, helped to limit the declines.
Some spillover support also came from the advances seen in Chicago soyoil and Malaysian palm oil futures in early and overnight activity.
As of 8:38 CST Thursday, about 4,480 contracts had traded.
Milling wheat, durum and barley futures were untraded following price revisions to wheat after the close on Wednesday.
Prices in Canadian dollars per metric ton at 8:38 CST:
