By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, May 26 (CNS Canada) – ICE Canada canola contracts were weaker Friday morning, seeing some follow-through selling after Thursday’s break below nearby support.
Losses in the Chicago Board of Trade soy complex and other outside vegetable oil markets put some additional pressure on canola, according to participants.
Relatively favourable weather conditions across most of Western Canada were also bearish for prices.
However, some areas remain too wet and seeded area is not expected to live up to earlier forecasts. Tightening old crop supplies remained supportive as well, said traders.
US markets will be closed Monday, May 29, for Memorial Day while Canadian markets remain open. Positioning ahead of the weekend was expected to be a feature on Friday.
About 1,550 canola contracts had traded as of 8:48 CDT.
Milling wheat, durum, and barley futures were all untraded.
