By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, June 14 (CNS Canada) – ICE Futures Canada canola contracts were weaker at midday Thursday, seeing follow-through speculative selling after Wednesday’s move lower.
Fund traders have moved from the long to the short side of the market in recent sessions, according to a broker. He said the relatively favourable crop conditions across North America contributed to the losses, with little commercial buying interest on the other side to provide support.
Uncertainty over world trade was also still overhanging the grains and oilseeds, with the United States possibly set to impose tariffs on China as early as Friday.
The Canadian dollar was weaker at midday, which provided some underlying support for canola.
About 15,500 canola contracts had traded as of 10:43 CDT.
