By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, March 13 (CNS Canada) – ICE Futures Canada canola contracts were weaker at midday Monday, as losses in Chicago Board of Trade soyoil weighed on prices.
Soyoil was down by roughly half a cent per pound, which cut into domestic crush margins. “That’s keeping crushers sitting on their hands,” according to a broker.
A slightly firmer tone in the Canadian dollar also weighed on canola, said traders; while nearby technical signals remain pointed lower as well.
However, chart support was holding to the downside at C$520 per tonne in the May contract.
Expectations for tightening canola supplies going forward helped underpin the market as well. Uncertainty over how much canola is still left in the field to be harvested this spring also kept some caution in the market.
About 8,000 canola contracts had traded as of 10:37 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
