By Phil Franz-Warkentin, Commodity News Service Canada
November 26, 2014
Winnipeg – ICE Canada canola contracts were weaker Wednesday morning, with some light profit-taking after recent gains behind some of the selling pressure.
Activity was thin and choppy, with traders on both sides of the border said to be showing some caution ahead of tomorrow’s US Thanksgiving holiday. US markets will be closed, while Canadian markets remain open.
In addition to the chart based selling, the record-large US soybean crop and relatively favourable South American crop conditions also weighed on canola prices Wednesday morning.
On the other side, solid end user demand and a lack of significant farmer selling remained supportive overall, according to participants.
About 1,800 canola contracts had traded as of 8:43 CST.
Milling wheat, durum, and barley futures were all untraded and unchanged, after seeing some price revisions following Tuesday’s close.
Prices in Canadian dollars per metric ton at 8:43 CST:
