By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Sep. 7 (CNS Canada) – ICE Futures canola contracts were weaker at midday Friday, although the market remains stuck in a rather flat trading pattern just below nearby resistance.
The November contract has held within a tight four dollar range between C$495 and C$499 per tonne over the past week, and was testing the downside on Friday.
Seasonal harvest pressure and anecdotal reports of better-than-expected yields accounted for some of the weakness, according to participants. Losses in Chicago Board of Trade soyoil also weighed on values.
However, soybeans in Chicago were up at midday, which provided some support. Concerns over possible frost damage in parts of Western Canada also helped underpin the futures.
About 7,000 canola contracts traded as of 10:33 CDT.
