By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, March 23 (CNS Canada) – ICE Futures Canada canola contracts were posting small losses at midday Friday, taking some direction from declines in Chicago Board of Trade soybeans.
Concerns over a mounting trade dispute between China and the United States accounted for much of the weakness in soybeans. However, any disruptions in U.S. soybean sales to China could open the door for other supplies, including Canadian canola.
Large old crop canola supplies, expectations for increased seeded acres this spring, and a firmer tone in the Canadian dollar also weighed on values.
However, chart support held to the downside in canola, helping temper the losses.
About 9,200 canola contracts had traded as of 10:57 CDT.
