By Terryn Shiells, Commodity News Service Canada
Winnipeg, May 20 – The ICE Futures Canada canola market was slightly weaker Wednesday morning, following the losses seen in Chicago soybean futures, analysts said.
Profit taking on Tuesday’s gains added to the bearish tone, as did generally favourable conditions for seeding in North America this spring.
The large global oilseed supply situation and a slightly firmer Canadian currency also weighed on the canola market.
However, strength in Chicago soyoil and Malaysian palm oil futures in early and overnight activity limited the declines.
Concerns about below freezing temperatures causing frost damage to some crops in Western Canada over the weekend were also supportive.
As of 8:49 CDT Wednesday, about 5,925 contracts had traded.
Milling wheat, durum and barley futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:49 CDT:
