By Jade Markus, Commodity News Service Canada
WINNIPEG, January 27 – ICE Canada canola contracts were lower at midday on Friday, pressured by losses in outside oilseed markets and ideas that demand may be slowing short term.
Chicago Board of Trade soybeans were lower on Friday, pressured by conflicting South American weather forecasts.
An Argentinian industry group has lowered its forecast for the country’s soybean production, but not as much as some market watchers had expected, which pressured values.
“Not Armageddon like people were concerned about,” said one Winnipeg-based trader.
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Weak crush margins are also causing the market to drift lower, he said, as they aren’t attracting crusher buying.
The upcoming Chinese New Year holiday added to the downside.
“Some are thinking that maybe the Chinese are taking some time off as far as trading activity,” the trader said.
A weaker Canadian dollar limited the downside ahead of the weekend.
About 7,267 contracts had traded as of 10:50 a.m. CST.
Milling wheat, durum and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric tonne at 10:50 a.m. CST:
