By Terryn Shiells, Commodity News Service Canada
WINNIPEG, April 17 – Canola contracts on the ICE Futures Canada platform were slightly weaker at 10:53 CDT Thursday, following the losses seen in the Chicago soy complex, analysts said.
Further downward pressure came from the upswing in the value of the Canadian dollar, as it made canola less attractive to crushers and exporters.
A pickup in farmer selling following recent gains added to the bearish tone, as was profit taking ahead of the long weekend. Markets will be closed Friday for Good Friday.
The large Canadian supply situation and expectations that canola acres will increase this spring continued to overhang the market.
However, continued ideas that canola is undervalued compared to other oilseeds helped to temper the declines.
Spillover support from the gains seen in European rapeseed futures overnight also underpinned the market.
As of 10:53 CDT Thursday, about 16,700 contracts had traded. Spreading was a feature of the activity, brokers said.
Milling wheat, barley and durum were untraded following price revisions after the close on Wednesday.
Prices in Canadian dollars per metric ton at 10:53 CDT:
