By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Nov. 16 (CNS Canada) – ICE Futures Canada canola contracts were weaker at midday Thursday, as the market moved in sympathy with the Chicago Board of Trade soy complex.
After following CBOT soyoil futures higher on Wednesday, the canola market took back some of those gains as traders on both sides of the border booked profits. The Canadian dollar was also firmer at midday.
Wednesday’s rally likely brought in some country sales, contributing to Thursday’s softer tone, according to a broker.
However, solid end user demand underneath the market remained supportive.
About 9,500 canola contracts had traded as of 11:01 CST.
