By Dave Sims, Commodity News Service Canada
WINNIPEG, April 24 (CNS) – Canola contracts on the ICE Futures Canada platform were lower at midday Tuesday, weighed down by speculative selling.
Improving weather conditions across the Canadian Prairies and ideas the futures were overbought also dragged down values.
Traders were positioning themselves ahead of the release of Statistics Canada’s acreage estimates. Those come out on Friday.
Canola was feeling some technical resistance, according to a Winnipeg-based analyst.
However, some seasonal buying helped prop up prices. China has turned to Canada, Brazil and a few other countries for oilseeds due to the ongoing trade skirmishes between themselves and the United States.
Gains in U.S. soyoil were supportive for the market.
About 10,000 canola contracts had traded as of 10:49 CDT.
Prices in Canadian dollars per metric ton at 10:49 CDT:
