By Phil Franz-Warkentin, Commodity News Service Canada
Winnipeg, Jan. 21 (CNS Canada) – ICE Futures canola contracts were weaker on Monday, although activity was thin and choppy with markets in the United States closed for the Martin Luther King, Jr. holiday.
Speculators were noted sellers, adjusting positions in the absence of any fresh direction from the Chicago Board of Trade.
Ample supplies in the commercial system and concerns over Chinese demand, amid the ongoing diplomatic dispute between Canada and China, also weighed on prices.
However, cold Prairie temperatures and the resulting slowdown in farmer deliveries provided some support.
A softer tone in the Canadian dollar also underpinned canola to some extent.
About 6,901 canola contracts traded on Monday, which compares with Friday when 23,251 contracts changed hands. Spreading accounted for 5,040 of the contracts traded.
