By Terryn Shiells, Commodity News Service Canada
WINNIPEG, July 25 – Canola contracts on the ICE Futures Canada platform were narrowly mixed amid quiet, choppy activity at 10:49 CDT Friday. Traders were being cautious as they waited for fresh marketing moving news, analysts said.
Some support came from the sharp downswing in the value of the Canadian dollar, which lost more than half a cent against the US dollar. The weaker loonie makes canola more attractive to crushers and exporters.
Ongoing uncertainty surrounding how much yield potential has been lost due to flooding and dryness in Western Canada this year remained bullish.
Read Also
Canadian Financial Close: Loonie, TSX rise ahead of Labour Day
Glacier FarmMedia — The Canadian dollar ended the week with its highest close in a month. The loonie closed at…
A lack of significant farmer selling paired with steady demand further underpinned prices.
On the other side, some spillover pressure came from the declines seen in the Chicago soy complex and European rapeseed futures.
Forecasts calling for improving weather across Western Canada this weekend, a bearish technical bias and good conditions for the US soybean crop also weighed on prices.
As of 10:49 CDT Friday, about 3,350 contracts had traded.
Milling wheat, barley and durum futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:49 CDT:
