By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Jan. 28 (CNS) – Canola contracts on the ICE Futures Canada platform were down at midday Thursday, as losses in CBOT soybeans and the firmer Canadian dollar weighed on values.
Improving weather forecasts for soybean crops in Brazil, along with reports that China had cancelled some purchases of US beans, accounted for some of the weakness in CBOT soybeans that spilled into the Canadian market.
Chart-based speculative selling was another feature in canola, as prices dipped below nearby support levels, according to participants.
However, crush margins do remain relatively strong for canola which was keeping exporters and domestic crushers showing some demand on a scale-down basis.
About 10,000 canola contracts had traded as of 10:55 CST.
Milling wheat, durum, and barley futures were all untraded.
