By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, (CNS Canada) – ICE Futures Canada canola contracts were mixed at midday Wednesday, although the bias was lower in the most active nearby months.
Speculative fund selling was a feature, as the nearby technical signals remain pointed lower, according to analysts. A firmer tone in the Canadian dollar and slight losses in Chicago Board of Trade soyoil also weighed on values, as that combination cuts into crush margins.
However, soybeans were up in Chicago, which provided some spillover support for the Canadian oilseed.
Solid end-user demand from both exporters and domestic crushers also helped limit the losses, especially as traders expect to see tightening supplies going forward.
About 8,000 canola contracts had traded as of 10:44 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
