By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Nov. 19 (CNS Canada) – ICE Futures canola contracts were weaker at midday Monday, as losses in Chicago Board of Trade soybeans spilled over to weigh on values.
Soybeans were down in reaction to comments made by United States Vice President Mike Pence over the weekend at the Asia-Pacific Economic Cooperation (APEC) trade summit in Papua New Guinea that were seen as heightening trade tensions with China.
Speculators were noted sellers in the canola market, adding to their large net short positions.
On the other side, end-users were only buying on a scale-down basis, as the overall trend remains pointed lower, according to a broker.
However, a lack of significant farmer selling provided some underlying support. A weaker tone in the Canadian dollar also helped temper the declines.
U.S. markets will be closed this Thursday for Thanksgiving, and volatility ahead of the holiday could lead to some choppy activity in the grains and oilseeds.
About 5,500 canola contracts traded as of 10:32 CST.
