By Terryn Shiells, Commodity News Service Canada
WINNIPEG, Nov. 24 – Canola futures in the ICE Canada trading platform were softer at mid-session Monday, following the declines seen in Chicago soybean futures.
Chart-based selling, as the market failed to hold on to large gains on Friday, was also undermining values, brokers added.
The large US soybean crop and generally good conditions for South American production were also bearish.
There may have been some light farmer selling weighing on prices after Friday’s gains, though farmers remain reluctant sellers overall, which is supportive, analysts said.
The downswing in the value of the Canadian dollar was also underpinning canola prices.
Activity was on the quieter side, as the funds were reluctant to add onto their long positions as the market drifts lower along with soybeans, according to a trader. As of 10:45 CST Monday, about 9,340 contracts had traded.
Milling wheat, durum and barley futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:45 CST:
