By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, March 7 (CNS Canada) – ICE Futures Canada canola contracts were weaker at midday Wednesday, as chart-based speculative selling helped take the market off of nearby highs.
Losses in the Chicago Board of Trade soy complex contributed to the declines. Increased farmer selling also weighed on values, as producers are still sitting on large old crop supplies and traders expect to see increased seeded acres this spring.
However, weakness in the Canadian dollar provided underlying support, and crush margins were holding relatively steady on the day. The overall technical bias also remains pointed higher.
About 11,500 canola contracts had traded as of 11:00 CST.
