By Dave Sims, Commodity News Service Canada
WINNIPEG, November 24 (CNS) – Canola contracts on the ICE Futures Canada platform were mostly lower in choppy trading at 10:40 CST on Friday.
The front-month January contract was pulled down by losses in U.S. soyoil.
“There is a seasonal tendency that once we get past U.S. Thanksgiving we go into a malaise and a bit of a potential setback,” said a Winnipeg-based analyst.
Improving weather conditions in Brazil and big soybean supplies in the U.S. cast a bearish tint over the market.
However, gains in U.S. soybeans and Malaysian palm oil futures, helped prop up values somewhat.
Dry conditions in Argentina are becoming a concern for that country’s soybean growers, which was bullish.
About 14,000 canola contracts had traded as of 10:40 CST.
Prices in Canadian dollars per metric ton at 10:40 CST:
