By Terryn Shiells, Commodity News Service Canada
Winnipeg, May 9 – Canola contracts on the ICE Futures Canada platform were weaker Friday morning, seeing a profit taking correction following Thursday’s sharp advances, analysts said.
Expectations that carryout stocks of Canadian canola for 2013/14 (Aug/Jul) will be very large also continued to be bearish.
However, spillover support from the advances seen in Chicago soyoil, European rapeseed and Malaysian palm oil futures limited the declines.
Worries about cool, wet weather delaying the start of the growing season in Western Canada kept a firm floor under the market.
As of 8:35 CDT Friday, about 2,125 contracts had traded.
Milling wheat, durum and barley futures were untraded following price revisions after the close on Thursday.
Prices in Canadian dollars per metric ton at 8:35 CDT:
