By Phil Franz-Warkentin, Commodity News Service Canada
Jan. 21, 2013
Winnipeg – ICE Canada canola futures were narrowly mixed Monday morning, as traders showed reluctance to push values too far one way or the other with the US markets closed for Martin Luther King Day.
Canola futures rallied to the top end of the trading range they’ve been in since the beginning of November last week, and were seeing some consolidation from a chart perspective, according to participants.
The Canadian dollar weakened sharply relative to its US counterpart on Friday and remained under pressure Monday morning. The softer currency was underpinning canola, as it makes exports more attractive and helps crush margins improve.
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Overnight gains in Malaysian palm oil and European rapeseed futures were also supportive, according to participants. Drier weather conditions for soybean crops in South America were helping underpin the oilseed markets in general, although the possibility of record large production from the region also continues to weigh from the other side.
About 900 canola contracts had traded as of 8:54 CST.
Milling wheat, durum, and barley futures were all untraded and unchanged Monday morning.
Prices in Canadian dollars per metric ton at 8:54 CST:
