By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Feb. 27 (CNS Canada) – ICE Futures canola contracts were mostly weaker at midday Wednesday, as bearish technical signals kept speculators adding to their short positions.
Strength in the Canadian dollar and weakness in Chicago Board of Trade soyoil added to the softer tone in canola.
Large supplies of unpriced canola in the countryside and a lack of significant end-user demand also weighed on prices, according to an analyst.
However, gains in CBOT soybeans did provide some support. Ideas that canola is starting to look oversold also tempered the declines, with prices holding above the fresh contract lows hit on Tuesday.
About 6,400 canola contracts traded as of 10:22 CST.
Prices in Canadian dollars per metric tonne at 10:22 CST:
Price Change
Canola Mar 467.00 dn 0.60
May 474.50 dn 0.30
Jul 482.30 dn 0.50
Nov 486.10 dn 0.20
