By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Nov. 17 – Canola contracts on the ICE Futures Canada platform were posting small losses at midday Tuesday despite a firmer tone in CBOT soybeans.
A broker said canola had lagged the soy complex to the downside last week, and was now lagging in the other direction as soybeans posted small advances.
Bearish chart signals were behind some of the weakness, keeping some light speculative selling in the market, according to traders.
However, the futures were holding above support at midsession. Solid end user demand underneath the market was one factor helping limit the losses, although a broker noted that buyers were not very aggressive amid ideas that Canada’s crop was likely larger than the current official estimates.
About 11,500 canola contracts had traded as of 10:57 CST.
Milling wheat, durum, and barley futures were all untraded.
