By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Dec. 9 (CNS Canada) – Canola contracts on the ICE Futures Canada platform were weaker at midday Friday, seeing some follow-through selling after Thursday’s sharp declines as losses in the global vegetable oil markets weighed on prices.
Malaysian palm oil and Chicago Board of Trade soyoil futures were both down on Friday, as the world vegetable oil markets backed away from nearby highs.
A firmer tone in the Canadian dollar put further pressure on canola, according to participants.
However, solid end-user demand from both exporters and domestic crushers provided underlying support as canola remains attractively priced compared to other oilseeds.
The USDA releases its monthly supply/demand report at 11:00 CST, and the reaction in the US soy complex will likely determine the direction canola takes by the close.
About 19,000 canola contracts had traded as of 10:38 CST.
Milling wheat, durum, and barley futures were all untraded and unchanged.
