By Terryn Shiells, Commodity News Service Canada
WINNIPEG, May 14 – Canola contracts on the ICE Futures Canada platform were seeing a profit taking correction at 10:45 CDT Wednesday, after the market moved about key resistance earlier in the session, analysts said.
The burdensome Canadian canola supply situation and the upswing in the value of the Canadian dollar also weighed on prices.
Spillover pressure from the losses seen in Chicago soybean and soymeal futures added to the bearish tone.
However, steady demand and worries about the late spring causing planting delays in Western Canada limited the declines.
Spillover buying from the Chicago soyoil market and continued ideas that canola is cheap compared to other oilseeds were also supportive.
As of 10:45 CDT Wednesday, about 17,500 contracts had traded.
Milling wheat, barley and durum were untraded following price revisions after the close on Tuesday.
Prices in Canadian dollars per metric ton at 10:45 CDT:
