By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Nov. 20 – Canola contracts on the ICE Futures Canada platform were posting small losses at midday Friday, although activity was choppy and volatile as speculators were on both sides of the market ahead of the weekend.
“It’s just going up, down, up, down . . . we don’t know where to go,” said a trader on the choppy activity.
On the one hand, bearish technical signals, large supplies, and a softer tone in CBOT soybeans all put some pressure on the canola market, according to participants.
However, the weaker Canadian dollar was keeping exporters and domestic crushers showing some interest, while a steady to firmer tone in CBOT soyoil also provided some spillover support.
About 13,000 canola contracts had traded as of 10:50 CST, with the January/March spread only a minor feature.
Milling wheat, durum, and barley futures were all untraded.
