By Glen Hallick, Commodity News Service Canada
WINNIPEG, Feb. 27 (CNS Canada) – ICE Futures canola contracts were down slightly in early trading on Wednesday morning, as the technical bias continues to remain on the downside. Although there are reports that canola may be due for a bounce following yesterday’s losses.
Canola futures for this morning were down by approximately C$1 per tonne, with the May contract at C$474.40 per tonne.
As export demand for Canadian canola remains soft. Also there are expectations of a spillover from vegetables oils.
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The soybean complex on the Chicago Board of Trade was mixed Wednesday morning. Soy oil was slightly down, while soy meal and soybeans were up, providing support for canola. The May soybean contract rose two cents to US$9.19 per bushel.
The Canadian dollar was up Wednesday morning, at 76.17 U.S. cents.
About 900 canola contracts had traded as of 8:28 CST.
Prices in Canadian dollars per metric ton at 8:28 CST:
Price Change
Canola Mar 466.30 dn 1.30
May 474.40 dn 0.40
Jul 481.60 dn 1.20
Nov 485.50 dn 0.80
