By Phil Franz-Warkentin, Commodity News Service Canada
Feb. 22, 2013
Winnipeg – ICE Canada canola futures were posting small gains Friday morning, finding some spillover support from the advances in CBOT soybeans.
Supportive technical signals, the persistent weakness in the Canadian dollar, and a lack of significant farmer selling were all said to be underpinning the canola market.
The ongoing concerns over tightening supplies in western Canada continue to underpin canola values as well, according to participants.
The gains were being tempered by the relatively softer tone in CBOT soyoil. Expectations that large South American soybean crops will soon be displacing North American oilseeds in the international market also put some pressure on prices.
Canola was running into resistance from a chart perspective as well, with some end of the week profit-taking coming forward at the highs.
About 4,700 canola contracts had traded as of 8:51 CST.
Milling wheat, durum, and barley futures were all untraded and unchanged Friday morning.
Prices in Canadian dollars per metric ton at 8:51 CST:
