By Terryn Shiells, Commodity News Service Canada
WINNIPEG, April 11 – Canola contracts on the ICE Futures Canada platform were lower at 10:45 CDT Friday, following the losses seen in the Chicago soy complex.
News that China cancelled 500,000 tonnes of previously purchased soybeans from the US and Brazil yesterday was bearish for North American oilseed markets, brokers said.
The large Canadian supply situation and expectations that canola acres will increase this spring also weighed on the market.
Further downward pressure came from some commercial selling and light speculative liquidation, analysts said.
However, the downswing in the value of the Canadian dollar and spillover support from the gains seen in Malaysian palm oil futures overnight limited the downside.
Continued ideas that canola is undervalued compared to other oilseeds and slow farmer selling were also supportive.
As of 10:45 CDT Friday, about 11,600 contracts had traded. Spreading was a feature of the activity.
Milling wheat, barley and durum were untraded following price revisions after the close on Thursday.
Prices in Canadian dollars per metric ton at 10:45 CDT:
