By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Nov. 2 – Canola contracts on the ICE Futures Canada platform were posting small losses at midday Monday, in thin and choppy activity.
After posting small gains early in the session, canola drifted below unchanged in sympathy with the CBOT soy complex. A broker said there was little news moving the canola market to start the week, with speculators and commercials on both sides of the lightly traded market.
A lack of aggressive farmer selling, weather concerns in South America, and a slightly softer tone in the Canadian dollar all provided some underlying support for canola, according to the broker.
However, he added that farmer deliveries into the cash pipeline are still running above the pace of demand, and the rising production ideas were bearish in the background.
From a chart standpoint, January canola was holding above nearby support at C$471 per tonne.
About 7,000 canola contracts had traded as of 10:52 CST.
Milling wheat, durum, and barley were all untraded.
