By Terryn Shiells, Commodity News Service Canada
Winnipeg, Jan. 29 – Canola contracts on the ICE Futures Canada platform were slightly lower amid choppy activity Wednesday morning.
Spillover pressure from the weakness seen in the Chicago soybean complex was responsible for some of the declines, analysts said.
Reports of good growing conditions for South America’s soybean crop were also bearish for canola, as was the upswing in the value of the Canadian dollar.
The large Canadian supply situation, logistics problems in Western Canada and slow usage of canola continued to overhang the market.
However, oversold price sentiment and ideas that canola is undervalued compared to other oilseeds limited the downside.
As of 8:35 CST Wednesday, about 2,160 contracts had traded.
Milling wheat, durum and barley futures were untraded following price revisions to wheat after the close on Tuesday.
Prices in Canadian dollars per metric ton at 8:35 CST:
