By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, May 17 (MarketsFarm) – ICE Futures canola contracts were posting small losses at midday Friday, although activity was thin and choppy.
Losses in the Chicago Board of Trade soy complex accounted for some of the spillover selling pressure in canola amid ideas that delayed corn seeding in the Midwest will see more acres shift into soybeans in the United States, according to a trader.
Uncertainty over trade relations with China also kept some caution in both the canola and soybean futures.
The ICE canola market will be closed Monday, May 20, for Victoria Day, while U.S. markets will trade their usual hours. Positioning ahead of the Canadian long weekend helped keep canola closer to unchanged compared to the soy market.
About 7,400 canola contracts traded as of 10:44 CDT.
Prices in Canadian dollars per metric tonne at 10:44 CDT:
Canola Jul 446.50 dn 0.50
Nov 457.90 dn 1.10
Jan 463.10 dn 1.60
Mar 468.80 dn 1.20