By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, May 4 (CNS Canada) – ICE Futures Canada canola contracts were weaker at midday Friday, as good Prairie seeding weather and losses in Chicago Board of Trade soybeans weighed on values.
Concerns over the lack of Chinese demand for soybeans from the United States weighed on the bean market, while any shift in demand to Canadian canola has so far failed to materialize, said a broker.
Chart-based selling contributed to the declines, with a move below the 50-day moving average in the July contract triggering some fund long liquidation.
A lack of significant farmer selling on the other side provided some underlying support.
Early weakness in the Canadian dollar also underpinned the futures, although the currency was recovering off of its lows by midday.
About 8,000 canola contracts had traded as of 10:52 CDT.
