By Terryn Shiells, Commodity News Service Canada
Winnipeg, March 27 – Canola contracts on the ICE Futures Canada platform were slightly weaker Thursday morning amid technical selling after the market moved up near key resistance levels in recent sessions, analysts said.
A pick up in farmer selling following the recent advances also put downward pressure on the market, as did strength in the Canadian dollar, which broke back above 90 cents US on Wednesday.
Spillover pressure from the weakness seen in Malaysian palm oil and European rapeseed futures overnight added to the bearish tone, as did the large Canadian canola supply situation.
However, spillover support from the gains seen in soybeans helped to limit the downside, as did steady commercial demand.
Continued ideas that canola is undervalued compared to other oilseeds kept a firm floor under the market.
As of 8:37 CDT Thursday, about 1,200 contracts had traded.
Milling wheat, durum and barley futures were untraded following price revisions after the close on Wednesday.
Prices in Canadian dollars per metric ton at 8:37 CDT:
