By Jade Markus, Commodity News Service Canada
WINNIPEG, November 22 – ICE Canada canola contracts were weaker at midday on Tuesday, moving lower with increased farmer-selling after gains in the previous session.
“Hedges—some farmer-selling coming into the market, and maybe some profit-taking,” said one Winnipeg-based trader.
He added that investors are taking profits ahead of the US Thanksgiving holiday on Thursday.
However, strength in Chicago Board of Trade soybeans pushed canola up from earlier lows, and could provide further support throughout the session.
Strong crush margins are bringing crusher-interest into the market, the trader said, which further limited declines.
About 15,114 contracts had traded as of 10:40 CST.
Milling wheat, durum and barley futures were all untraded and unchanged.
