By Phil Franz-Warkentin, Commodity News Service Canada
December 1, 2014
Winnipeg – Canola contracts on the ICE Futures Canada platform were down at midday Monday, with losses in CBOT soybeans and a stronger Canadian dollar behind some of the weakness.
Canola fell to chart support in overnight activity, and the generally bearish technicals were keeping fund traders on the sidelines, according to a trader. He said commercial participants were also not showing very much demand, aside from on a scale-down basis.
While demand was lackluster, farmer selling on the other side was also light with cold temperatures across much of Western Canada said to be limiting any country movement.
A firmer tone in soyoil also helped limit the losses in canola, according to participants.
Statistics Canada releases updated production estimates on December 4, and positioning ahead of the report was expected to be a feature over the next few days.
About 17,000 canola contracts had traded as of 11:00 CST.
Milling wheat and durum were both untraded, while barley was holding steady with 25 contracts traded.
Prices in Canadian dollars per metric ton at 11:00 CST:
