By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, June 7 (CNS Canada) – ICE Canada canola contracts were posting small losses Wednesday morning, seeing a modest correction following the gains earlier in the week.
Soyoil futures at the Chicago Board of Trade were slightly lower in early activity, but soybeans were higher, providing a mixed influence on canola.
Bearish technical signals, recent strength in the Canadian dollar, and large South American soybean supplies also weighed on values.
However, weather concerns across Western Canada remained supportive, with excessive moisture in some areas and dryness in others.
Tight old crop supplies were keeping end users in the market on a scale-down basis, especially as new crop acres are unlikely to live up to earlier forecasts, according to participants.
About 3,400 canola contracts had traded as of 8:55 CDT.
Milling wheat, durum, and barley futures were all untraded.
