By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Jan. 29 (CNS Canada) – Canola contracts on the ICE Futures Canada platform were down at midday Friday, as the Canadian oilseed saw some rebalancing relative to CBOT soybeans.
Canola lagged CBOT soybeans to the downside on Thursday, and adjustments between the two oilseeds saw the Canadian market moving lower on Friday despite the gains posted in soybeans, according to a broker who said some participants were likely selling canola and buying beans.
Speculative selling contributed to the losses in canola, with some stops hit on the way down. However, support was uncovered to the downside and the market had recovered well off its session lows by midsession.
Solid exporter and domestic crusher demand remained somewhat supportive, while a turn lower in the Canadian dollar relative to its US counterpart helped limit the losses as well.
About 18,000 canola contracts had traded as of 10:56 CST.
Milling wheat, durum, and barley futures were all untraded.
