By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Dec. 19 (CNS Canada) – ICE Futures canola contracts were weaker at midday Wednesday, taking back most of Tuesday’s gains.
Losses in Chicago Board of Trade soybeans and a firmer tone in the Canadian dollar contributed to the declines in canola.
Ample supplies in the commercial pipeline and only routine demand also put some pressure on values, although a slowdown in farmer selling ahead of the holidays helped temper the declines.
Supportive technical signals provided some underlying support, as speculators square positions ahead of the year-end.
About 15,000 canola contracts traded as of 11:01 CST. Intermonth spreading accounted for the bulk of the activity as participants continue to roll out of the front month.
