By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Feb. 15 (CNS Canada) – ICE Futures canola contracts were weaker at midday Friday, nearing major chart support in the process.
Speculative selling was a feature, as fund traders added to short positions and end users were content to buy on a scale-down basis.
The front-month March contract fell below the psychological C$480 per tonne level on Thursday and was approaching the next support at C$475 at midday Friday.
A softer tone in Chicago Board of Trade soyoil futures put some additional spillover pressure on canola.
However, soybeans were up at midday, providing some support.
The canola market will be closed Monday for Manitoba’s Louis Riel holiday, while U.S. markets will close for President’s Day. Positioning ahead of the long weekend was a feature.
About 16,000 canola contracts traded as of 10:53 CST.
Prices in Canadian dollars per metric tonne at 10:53 CST:
Price Change
Canola Mar 476.30 dn 2.40
May 485.10 dn 2.10
Jul 492.50 dn 2.30
Nov 494.70 dn 1.90
