By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, April 18 (CNS Canada) – ICE Canada canola contracts were posting small losses Tuesday morning, seeing a modest correction to start the day as traders took profits following Monday’s rally.
Losses in the Chicago Board of Trade soy complex and large South American production prospects contributed to the softer tone in canola.
Positioning ahead of Friday’s Statistics Canada acreage report accounted for some of the activity as well, with industry participants generally expecting an increase in canola acres on the year.
However, a weaker tone in the Canadian dollar provided some underlying support for canola. Solid end user demand, concerns over tightening old crop supplies, and ideas that wet field conditions may delay spring seeding all helped limit the losses as well, according to participants.
About 7,000 canola contracts had traded as of 8:50 CDT.
Milling wheat, durum, and barley futures were all untraded.
