By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Feb. 24 (CNS Canada) – ICE Futures Canada canola contracts were weaker at midday Friday, as the speculative selling that weighed on prices Thursday continued to weigh on values.
While gains in Chicago Board of Trade soybeans provided some support, a broker pointed out that canola lagged the soy complex lower and was now lagging to the upside.
“From an end user’s viewpoint, canola is more expensive now than when it was $20 higher,” said the broker, noting that crush margins are at some of their lowest levels of the past year.
However, expectations for tightening canola supplies as the year progresses provided underlying support, according to participants. Uncertainty over how much canola is still left in the field to be harvested this spring also kept some caution in the market.
About 13,000 canola contracts had traded as of 10:58 CST.
Milling wheat, durum, and barley futures were all untraded and unchanged.
