By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, May 3 (MarketsFarm) – ICE Futures canola contracts were weaker at midday Friday, as the market continued to lack any supportive news.
“The negativity continues,” said a trader on the slow move to fresh contract lows.
“The funds are short and there’s no urgency from the buyer,” he added.
While a firmer tone in Chicago Board of Trade soybeans provided some underlying support for canola that was countered by strength in the Canadian dollar.
While expectations for a reduction in seeded canola area this year provided some underlying support, large old crop supplies were seen as limiting any concerns over a smaller new crop.
About 7,000 canola contracts traded as of 10:56 CDT.
Prices in Canadian dollars per metric tonne at 10:56 CDT:
Price Change
Canola Jul 431.10 dn 1.90
Nov 445.80 dn 1.30
Jan 452.00 dn 1.90
Mar 458.40 dn 1.60
