ICE canola weakens, realigning with soy

By Ashley Robinson, Commodity News Service Canada
WINNIPEG, Dec. 27, 2018 (CNS Canada) – ICE Futures canola contracts are mostly weaker at midday Thursday, still playing catchup to the United States markets.
Chicago Board of Trade soybean, oil and meal contracts are all stronger, regaining some ground lost in Wednesday’s drop.
“Even though the soy markets are up a little bit today and the Canadian dollar is down. Canola’s still taking a little pressure from yesterday’s action, just sort of re-balancing and it’s more or less done that now,” said a Winnipeg-based trader.
Overall he said there isn’t any real direction currently for the oilseeds markets. He expects the market could see some money “flushing out” for the year end, which could re-enter the market in January.
“The oilseeds undertones as I said remain sort of neutral to sluggish and the market is sort of just reflecting that. They’re not attracting a lot of really strong buying interest,” he said.
About 11,500 canola contracts had traded as of 10:28 CST.

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