By Phil Franz-Warkentin, Commodity News Service Canada
December 19, 2014
Winnipeg – ICE Canada canola contracts were lower Friday morning, as speculative profit-taking and light hedge selling weighed on values.
Canola ran into resistance to the upside on Thursday, and speculators were thought to be taking some profits ahead of the weekend and the Christmas holiday.
Many farmers are still on the sidelines awaiting the New Year. However, cash bids near the C$10 per bushel mark in many parts of Western Canada have triggered some sales, which weighed on values as well.
Losses in CBOT soybeans and other outside oilseed markets also put some pressure on canola, according to participants.
Solid end user demand did provide some support, helping temper the losses. The slightly softer tone in the Canadian dollar was also supportive.
About 3,000 canola contracts had traded as of 8:42 CST.
Milling wheat, durum, and barley futures were all untraded and unchanged, after wheat saw some price adjustments following Thursday’s close.
Prices in Canadian dollars per metric ton at 8:42 CST:
