By Jade Markus, Commodity News Service Canada
WINNIPEG, March 8 – ICE Canada canola contracts continued to slide at midday on Wednesday, tracking losses in the Chicago Board of Trade soybean market.
CBOT soybeans were lower in trader-positioning ahead of United States Department of Agriculture data due out on Thursday. However, canola outpaced those markets to the downside.
“We had put in a little peak and now we’re seeing some spec-liquidation,” said one Winnipeg-based analyst.
A weaker technical bias was also bearish for canola.
“There’s nothing major going on, I think canola will be well supported overall. I think the biggest threat to canola is a significant break in the bean market,” the analyst said.
Looking to the spring, canola is expected to be underpinned by tight supplies, which will limit the downside in coming sessions.
About 5,818 contracts had traded as of 10:27 a.m. CST.
Milling wheat, durum and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric tonne at 10:27 a.m. CST:
