By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, April 11 (CNS Canada) – ICE Futures Canada canola contracts were narrowly mixed Wednesday morning, seeing some consolidation amid conflicting outside influences.
While early gains in Chicago Board of Trade soybeans provided some spillover support, soyoil futures were softer to start the day.
Bearish nearby technical signals and recent strength in the Canadian dollar also weighed on values, according to participants.
Persistent cold weather across the Canadian Prairies has raised concerns over planting delays and possible acreage shifts, providing some underlying support. However, similar winter weather in the United States could see some area move out of corn and into soybeans instead, which would weigh on oilseeds in general.
About 5,700 canola contracts had traded as of 8:58 CDT.
