By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, March 29 (CNS Canada) – ICE Canada canola contracts were posting small losses in most months Wednesday morning, as the market saw some consolidation after rallying the previous two sessions.
While oversold price sentiment triggered fund buying in recent days, the longer-term chart signals remain pointed lower and speculators were thought to be back on the sell side.
Large South American soybean crops and expectations for increased North American oilseed acres this spring also weighed on values, as traders squared positions ahead of the US Department of Agriculture’s acreage and stocks reports out on Friday, March 31.
On the other side, a softer tone in the Canadian dollar, concerns over tightening canola supplies, and solid end-user demand all provided underlying support for the futures.
About 5,000 canola contracts had traded as of 8:58 CDT.
Milling wheat, durum, and barley futures were all untraded.
Prices in Canadian dollars per metric ton at 8:58 CDT:
