By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, March 13 (CNS Canada) – ICE Futures canola contracts were weaker Wednesday morning, taking back Tuesday’s gains as bearish chart signals and concerns over Chinese demand weighed on values.
Losses in Chicago Board of Trade soybeans and a firmer tone in the Canadian dollar also weighed on values.
However, canola was still trading well above its recently hit contract lows, as support held to the downside. End-user bargain hunting also helped limit the losses, with crush margins at some of their best levels in years.
About 2,200 canola contracts had traded as of 8:49 CDT.
Prices in Canadian dollars per metric ton at 8:49 CDT:
Price Change
Canola Mar 456.60 dn 1.70
May 465.20 dn 1.90
Jul 477.80 dn 2.80
Nov 483.80 dn 2.90
