By Terryn Shiells, Commodity News Service Canada
Winnipeg, April 11 – Canola contracts on the ICE Futures Canada platform were weaker Friday morning, undermined by follow-through selling on Thursday’s softer close. Traders continued to take profits on the rally seen earlier in the week, analysts said.
Some of the downward pressure was also linked to spillover from the losses seen in European rapeseed futures and the Chicago soy complex.
The large Canadian canola supply situation and expectations that Canadian farmers will plant more acres of canola this spring added to the bearish tone.
However, continued ideas that canola is undervalued compared to other oilseeds helped to limit the losses, as did the downswing in the value of the Canadian dollar.
As of 8:38 CDT Friday, about 2,650 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 8:38 CDT:
