By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Nov. 22 (CNS Canada) – ICE Futures canola contracts were weaker at midday Thursday in thin and choppy activity, as the United States grain and oilseed markets were closed for Thanksgiving.
After moving off of major lows the previous two sessions, speculators were back on the sell side on Thursday.
“It’s just steadily grinding lower,” said a trader. However, he added that prices could still return to unchanged by the close, as participants generally show reluctance to push values too far one way or the other when the U.S. markets are closed.
Uncertainty over trade relations between the U.S. and China, and the influence on soybean prices, also kept some caution in canola ahead of next week’s G20 meeting in Argentina.
Improving crush margins provided some support, according to the trader.
About 5,000 canola contracts traded as of 10:48 CST.
