By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Nov. 5 (CNS Canada) – ICE Futures canola contracts were weaker at midday Monday, as a number of bearish influences weighed on values.
Speculative long liquidation, better-than-expected harvest progress, strength in the Canadian dollar, and weakness in Chicago Board of Trade soyoil all weighed on prices.
“Everything is quietly working against canola,” said a Winnipeg-based broker.
On the other side, canola is starting to look more attractively priced to end-users, and improving export demand helped temper the declines, according to the broker.
About 6,000 canola contracts traded as of 10:35 CST.
