By Dave Sims, Commodity News Service Canada
WINNIPEG, November 18 – Canola contracts on the ICE Futures Canada platform were slightly weaker at 10:50 CST Tuesday, in sympathy with soybeans. Commercials were on both sides of the lightly-traded market.
Both farmers and speculators were largely on the sidelines, according to an analyst.
“To get the funds back in the buy side we need the market higher because they’re not going to buy weakness, they’re going to buy strength,” he said, noting producers wouldn’t enter the market either until it was higher.
Speculative buying has been on the low side while volumes have been fairly subdued, he added.
European rapeseed futures and soyoil were higher though which helped to limit the losses.
The Canadian dollar was also slightly weaker which also lent some support to values as it makes canola more attractive to international buyers.
Around 7,000 contracts had traded as of 10:50 CST, Tuesday.
Milling wheat, durum and barley were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:50 CST:
