By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Dec. 21 (CNS Canada) – ICE Futures canola contracts were weaker at midday Friday, although activity was thin and choppy.
Declines in Chicago Board of Trade soybeans and soyoil accounted for some of the spillover selling pressure in canola, according to a broker.
Ample supplies and a lack of significant end user demand, as activity slows down ahead of Christmas and the New Year, also weighed on values.
Farmers delivered 448,900 tonnes of canola into the commercial pipeline during the week ended Dec. 16, according to the latest Canadian Grain Commission report. The solid deliveries brought visible supplies up to 1.315 million tonnes, from 1.233 million the previous week.
However, weakness in the Canadian dollar provided some underlying support.
About 18,500 canola contracts traded as of 10:52 CST.
