By Terryn Shiells, Commodity News Service Canada
WINNIPEG, May 1 – Canola contracts on the ICE Futures Canada platform were slightly weaker at 10:48 CDT Thursday, undermined by spillover pressure from the losses seen in outside oilseed markets, analysts said.
Chicago soybean and soyoil futures were sharply weaker, while losses were also seen in Malaysian palm oil futures overnight.
The large supply situation and a recent pickup in farmer selling were also bearish for canola.
However, the canola market was lagging the US oilseeds to the downside, as strong commercial buying interest helped to underpin the market. The buying interest was linked to concerns about possible planting delays and crop problems in Western Canada this spring and summer, said a broker.
Continued ideas that canola remains cheap compared to other oilseeds also helped to temper the downside.
As of 10:48 CDT Thursday, about 6,085 contracts had traded.
Milling wheat, barley and durum were untraded following price revisions after the close on Wednesday.
Prices in Canadian dollars per metric ton at 10:48 CDT:
