By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Nov. 23 (CNS Canada) – ICE Futures canola contracts were weaker at midday Friday, seeing some follow-through selling after Thursday’s declines as speculators added to their net short positions.
Losses in crude oil contributed to the weaker tone in canola, according to a trader.
Signs of softening demand also weighed on prices. The weekly Canadian Grain Commission report showed that both exports and the domestic crush pace are now running behind the year ago pace, while commercial stocks edged higher on the week.
However, chart support was holding to the downside at midday.
The Chicago Board of Trade will close early on Friday which could lead to some choppiness in the canola market in the final hour of trade.
About 8,000 canola contracts traded as of 10:58 CST.
