By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Feb. 23 (CNS Canada) – ICE Futures Canada canola contracts were weaker at midday Thursday, hitting their lowest levels in three weeks as losses in the Chicago Board of Trade soy complex and a firmer tone in the Canadian dollar weighed on values.
Speculative selling added to the declines, with some stops hit on the way down as traders liquidated long positions and the charts turn bearish, according to participants.
However, expectations for tightening canola supplies going forward did provide some underlying support, keeping the Canadian market lagging soybeans to the downside.
About 15,000 canola contracts had traded as of 10:58 CST.
Milling wheat, durum, and barley futures were all untraded and unchanged.
