By Terryn Shiells, Commodity News Service Canada
WINNIPEG, Mar. 5 – Canola contracts on the ICE Futures Canada platform were slightly weaker at 10:47 CST Wednesday, following the declines seen in the Chicago soy complex.
Profit taking, and a pickup in farmer selling following recent advances were also responsible for some of the price softness.
Ongoing logistics issues in Western Canada and the upswing in the value of the Canadian dollar added to the bearish tone, analysts said.
However, continued ideas that canola is undervalued compared to other oilseeds limited the declines, as did ideas that the market’s technical bias has now shifted to the upside.
Further support also came from spreading against other oilseeds, with some traders buying canola and selling soybeans, brokers added.
As of 10:47 CST Wednesday, about 15,300 contracts had traded.
Milling wheat, barley and durum were untraded following price revisions to wheat after the close on Tuesday.
Prices in Canadian dollars per metric ton at 10:47 CST:
