By Dave Sims, Commodity News Service Canada
WINNIPEG, December 28 – Canola contracts on the ICE Futures Canada platform were lower at 10:50 CST on Wednesday, tracking losses in the US soy complex.
“Soybeans had a massive day yesterday so they’re giving back some of their gains,” said a trader in Winnipeg. Canola markets in Canada were closed yesterday.
Technical selling was a feature, the trader noted.
“The C$508 (per tonne) level was previous support and we punched through that,” he explained. “We’ll watch; if we close below C$508 that would be technically negative.”
However, gains in the most-active Malaysian palm oil contracts were supportive for canola.
Slow farmer selling and steady crushing activity helped to prop up values.
About 20,000 canola contracts had traded as of 10:50 CST.
Milling wheat, barley and durum were all untraded.
Prices in Canadian dollars per metric ton at 10:50 CST:
