By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Oct. 19- Canola contracts on the ICE Futures Canada platform were weaker at midday Monday, although activity was choppy and rangebound.
“We’re pretty choppy and sideways, which can cause many players to drift out of the market if they can’t see much direction,” said a broker accounting for the lackluster activity. “Traders are just playing the short-term ranges back and forth right now,” he added.
Losses in CBOT soybeans and soyoil put some spillover pressure on canola, according to participants. The rising production prospects for both the US soybean crop and the Canadian canola crop were also somewhat bearish.
A softer tone in the Canadian dollar was somewhat supportive, helping counter the bearish influence of the declines in soybeans, said a trader.
Solid demand from domestic crushers and exporters also helped underpin canola.
About 11,000 canola contracts had traded as of 10:59 CDT.
Milling wheat, durum, and barley were all untraded.