By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Jan. 11 (CNS Canada) – Canola contracts on the ICE Futures Canada platform were weaker at midday Wednesday, taking some direction from the Chicago Board of Trade soy complex.
Soybeans and soyoil were moving lower at midday as traders squared positions ahead of Thursday’s USDA supply/demand report. Relatively favourable South American crop prospects were also bearish for the oilseeds in general, including canola, according to participants.
Speculative fund traders were steady sellers as the March contract backed away from the C$500 per tonne level, said a broker.
However, solid end user demand provided support, as canola remains attractively priced compared to other oilseeds.
About 5,500 canola contracts had traded as of 10:43 CST.
Milling wheat, durum, and barley futures were all untraded and unchanged.