ICE canola weaker in lackluster winter trade

By Ashley Robinson, Commodity News Service Canada
WINNIPEG, Jan. 14, 2018 (CNS Canada) – ICE Futures canola contracts were weaker at midday Monday, continuing to be stuck in the winter slowdown.
“Lifeless trade, low volume, lackluster, stuck in this recent range here now between the C$480.20, which has been the low about twice now in the last little while and just can’t seem to break back above probably C$486.50,” said a Winnipeg-based trader.
According to Canadian Grain Commission (CGC) data last week, farmer selling is down and the trader expects that to continue as producers spend the next few weeks at crop production shows in Saskatchewan and Manitoba.
“We certainly saw in the weekly CGC numbers that farmer selling has slowed and these lower prices are not going to encourage anything changing there anytime soon,” he said.
Chicago Board of Trade soybean, oil and meal contracts were all weaker too at midday.
About 3,600 canola contracts had traded as of 10:38 CST.

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