By Terryn Shiells, Commodity News Service Canada
Winnipeg, March 24 – Canola contracts on the ICE Futures Canada platform were slightly lower Monday morning, amid choppy two-sided trade.
Ongoing logistics problems and the large Canadian canola supply situation continued to put downward pressure on prices, analysts said.
The sharp declines seen on Thursday and Friday last week shifted the market’s technical bias back to the downside, which was also bearish.
However, sentiment that the market is oversold, and due for an upward correction, helped to limit the losses.
Steady commercial demand and news that China has agreed to resume imports of Canadian canola meal from Richardson International were also supportive.
As of 8:51 CDT Monday, about 4,900 contracts had traded.
Milling wheat, durum and barley futures were untraded following price revisions to wheat after the close on Friday.
Prices in Canadian dollars per metric ton at 8:51 CDT:
