By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, May 20 (CNS Canada) – Canola contracts on the ICE Futures Canada platform were mostly weaker at midday Friday, retreating from earlier gains as losses in CBOT soyoil weighed on values.
Bearish technical signals contributed to the selling pressure in canola, as traders adjusted positions ahead of the long weekend. Canadian markets will be closed Monday, May 23, for Victoria Day.
Forecasts calling for beneficial rains across many of the dry areas of Alberta over the next few days put further pressure on values, as the moisture should help ease the drought concerns to some extent. However, a broker noted that the rains have been downgraded from earlier forecasts, and more precipitation will be needed.
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By Glen Hallick, MarketsFarm Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures closed a pinch higher on Friday, after…
A weaker tone in the Canadian dollar, solid end-user demand, and a lack of significant farmer selling helped limit the losses in canola, according to participants.
About 14,500 canola contracts had traded as of 10:46 CDT, with the July/November spread a feature of the activity as the old and new crop months narrowed in to even money.
Milling wheat, durum, and barley futures were all untraded and unchanged.
