By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, March 7 (CNS Canada) – ICE Canada canola contracts were weaker Tuesday morning, as a downturn in the US soy complex weighed on values.
Speculators were noted sellers, as the market ran into nearby resistance and some stops were hit on the way down. Farmer hedges were also a feature following the recent gains, said traders.
The large South American soybean crop was another bearish influence in the background of the oilseed markets, according to participants.
However, expectations that canola supplies may be tight by the end of the crop year did provide some underlying support, as some demand will need to be rationed going forward. Recent weakness in the Canadian dollar remained supportive as well.
About 5,000 canola contracts had traded as of 8:54 CST.
Milling wheat, durum, and barley futures were all untraded.
