By Terryn Shiells, Commodity News Service Canada
Winnipeg, March 27 – Canola contracts on the ICE Futures Canada platform were moving lower Friday morning, following the declines seen in the Chicago soy complex.
Further downward pressure came from the weakness seen in Malaysian palm oil and European rapeseed futures overnight.
The large global oilseed supply situation and expectations of record soybean acreage in the US this spring were also bearish. The USDA will release their first planting projections report for 2015/16 on Tuesday, March 31.
However, weakness in the Canadian dollar was supportive, as it made canola more attractive to off-shore buyers.
Steady commercial demand and the need to keep a weather premium in the market ahead of spring seeding also limited the losses.
As of 8:48 CDT Friday, about 2,160 contracts had traded. Spreading was a feature of the activity.
Milling wheat, durum and barley futures were untraded following price revisions after Thursday’s close.
Prices in Canadian dollars per metric ton at 8:48 CDT:
