By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, May 29 (CNS Canada) – ICE Futures Canada canola contracts were lower at midday Monday, seeing some follow-through selling after Friday’s lower close.
Activity was thin and choppy, with the US markets closed for Memorial Day. However, ideas that Chicago Board of Trade soybeans will continue their downward slide when the US markets reopen put some pressure on values.
The light volumes also exaggerated the move in canola, as speculators pushed values lower in an attempt to bolster their short positions.
Relatively favourable seeding weather in Alberta and Saskatchewan added to the softer tone, although there are still areas of the Prairies that will likely end up unplanted this spring.
About 1,800 canola contracts had traded as of 11:01 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
