By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Jan. 25 (CNS Canada) – ICE Canada canola contracts were weaker Wednesday morning, as the market saw a modest correction after Tuesday’s move to fresh one-month highs.
Losses in Chicago Board of Trade soyoil and strength in the Canadian dollar contributed to the declines in canola, as crush margins have already lost roughly C$20 per tonne over the past week.
Improving South American soybean crop prospects were another bearish influence, although there are still enough areas of concern to keep some caution in the oilseed markets.
Solid end-user demand was also supportive, as canola remains attractively priced for both exporters and domestic crushers despite the recent declines in crush margins.
About 3,000 canola contracts had traded as of 9:02 CST.
Milling wheat, durum, and barley futures were all untraded.
