By Terryn Shiells, Commodity News Service Canada
Winnipeg, May 8 – The ICE Futures Canada canola market was up slightly at midday Friday, taking some direction from the gains seen in Chicago soyoil futures.
The need keep weather premiums built into the market and worries about tight Canadian canola supplies were also supportive, analysts said.
Slow farmer selling, as they focus on spring field work and seeding, further underpinned prices.
However, spillover pressure came from the declines seen in Chicago soybean futures.
Generally good conditions for North American oilseed planting so far this spring were also overhanging the market, as was the stronger Canadian dollar.
Activity was choppy and quiet, as traders are waiting for more clarity on the upcoming Canadian canola crop before making any big moves, brokers said. As of 10:35 CDT Friday, about 5,300 contracts had traded.
Milling wheat, durum and barley futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:35 CDT:
