By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, March 14 (CNS Canada) – ICE Futures Canada canola contracts were posting small losses at midday Wednesday, seeing a modest correction after Tuesday’s sharp advances.
Declines in the Chicago Board of Trade soy complex put some spillover pressure on canola, according to participants. Large old crop supplies and early expectations for another big crop in 2018 also weighed on values.
However, recent weakness in the Canadian dollar provided underlying support, as the currency traded right around the 77 U.S. cent mark. Tuesday’s bounce was also constructive from a chart standpoint.
About 7,000 canola contracts had traded as of 10:52 CDT.
