By Dave Sims, Commodity News Service Canada
WINNIPEG, March 22 – Canola contracts on the ICE Futures Canada platform were mixed at 10:50 CDT on Wednesday, with the nearby contracts pressured by action in the Canadian currency and losses in the US soy complex while the more deferred positions were pushed upwards with speculative buying.
The Canadian dollar was lower relative to its US counterpart, which made canola more attractive to domestic crushers and foreign buyers.
Ideas that canola was oversold helped support prices.
The nearby contracts were receiving technical support from the C$500 per tonne mark.
However, the soybean crop in South America continues to get upgraded, which was bearish.
Canola acreage in Canada and soybean acreage in the US are both expected to rise, which dragged on values.
About 10,500 canola contracts had traded as of 10:50 CDT.
Milling wheat, barley and durum were all untraded.
Prices in Canadian dollars per metric ton at 10:50 CDT:
