By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Nov. 19 – Canola contracts on the ICE Futures Canada platform were trading within a dollar of unchanged at midsession, in thin and choppy trade as values consolidated just above their nearby lows.
Generally bearish chart signals accounted for some of the selling pressure in canola, as prices tested fresh two-month lows in early activity before rebounding back toward unchanged.
Ideas that Canada’s canola crop was likely at least a million tonnes larger than the current official Statistics Canada estimate also weighed on prices, as the big supply situation has end users reluctant to chase values higher, according to traders.
However, exporters and domestic crushers were still showing solid demand on any moves lower, helping keep canola rangebound overall.
Gains in CBOT soybeans and soyoil also helped lend some spillover support to canola, according to traders.
About 18,000 canola contracts had traded as of 10:50 CST.
Milling wheat, durum, and barley futures were all untraded.
