By Terryn Shiells, Commodity News Service Canada
WINNIPEG, Nov 26 – Canola futures in the ICE Canada trading platform were weaker at mid-session Wednesday, taking some direction from a softening Chicago soybean market, analysts said.
Weakness in European rapeseed and Malaysian palm oil futures overnight also weighed on canola, as did the upswing in the value of the Canadian dollar.
The large US soybean crop, favourable conditions for many South American soybean growing regions and profit taking on recent gains added to the bearish tone.
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The losses were exaggerated by the exiting of positions ahead of Thursday’s US Thanksgiving Holiday, when US markets will be closed and Canadian markets will be open.
Though, some support for canola came from reluctant farmer selling in Western Canada, as they wait for better prices and the new tax year.
Solid commercial demand for the Canadian oilseed and strength in Chicago soyoil futures were also limiting the losses.
As of 10:46 CST Wednesday, about 9,020 contracts had traded.
Milling wheat, durum and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:46 CST:
