By Terryn Shiells, Commodity News Service Canada
Winnipeg, April 8 – Canola contracts on the ICE Futures Canada platform were slightly weaker Tuesday morning, following the declines seen in Chicago soyoil futures, analysts said.
Profit taking following Monday’s gains and news that South American soybeans are moving into the US added to the bearish tone.
The upswing in the value of the Canadian dollar and expectations of large 2013/14 (Aug/Jul) Canadian canola carryout stocks also weighed on the futures.
Further downward pressure came from a pickup in farmer selling following Monday’s rally and ahead of spring seeding.
However, continued ideas that canola is undervalued compared to other oilseeds helped to limit the declines.
Some spillover support also came from the gains seen in European rapeseed futures overnight, brokers said.
As of 8:37 CDT Tuesday, about 1,600 contracts had traded.
Milling wheat, durum and barley futures were untraded following price revisions after the close on Monday.
Prices in Canadian dollars per metric ton at 8:37 CDT:
