By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, March 8 (CNS Canada) – ICE Canada canola contracts were narrowly mixed Wednesday morning, seeing some consolidation to start the day following Tuesday’s sharp declines.
A mixed tone in the Chicago Board of Trade soy complex to start the day provided little direction for canola, as US traders square positions ahead of Thursday’s monthly USDA supply/demand report.
Weakness in the Canadian dollar provided some underlying support for canola, according to participants.
A severe winter storm across much of Manitoba and Saskatchewan was also bullish, as the storm halts country movement and also adds to concerns over excessive moisture in some areas.
On the other side, the large South American soybean crops currently being harvested weighed on the oilseeds in general. Expectations for increased US soybean and Canadian canola acres this year also put some pressure on values.
About 2,500 canola contracts had traded as of 8:54 CST.
Milling wheat, durum, and barley futures were all untraded.
