By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, March 14 (CNS Canada) – ICE Futures Canada canola contracts were weaker at midday Tuesday, as losses in the Chicago Board of Trade soy complex weighed on values.
Speculators were noted sellers, as Monday’s move below former chart support levels was bearish from a chart standpoint.
“Canola is being pulled down, but somewhat reluctantly,” said a Winnipeg-based broker. He said losses in soybeans and soyoil were behind much of the spillover selling pressure in canola, but added that the fundamentals for the Canadian oilseed were still supportive.
Solid demand from both exporters and domestic crushers, together with expectations for tightening supplies going forward, helped temper the declines in canola. Uncertainty over just how much of the unharvested canola still in the fields in Western Canada will be salvaged this spring also provided support.
About 11,000 canola contracts had traded as of 10:51 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
