By Phil Franz-Warkentin, Commodity News Service Canada
Dec. 20, 2013
Winnipeg – ICE Canada canola contracts were narrowly mixed Friday morning, seeing some consolidation just above major support.
While the charts are still pointed lower overall, support was holding to the downside on Friday. Speculative short-covering ahead of the year end was said to be behind some of the buying interest.
Canola is looking very cheap compared to other oilseeds, which provided further support.
The futures also found some support from gains in CBOT soybeans and the softer tone in the Canadian dollar.
However, Canada’s record large canola crop remains a bearish influence overhanging the market, especially as logistical issues continue to constrain how fast the burdensome supplies can be used up, said participants.
About 6,000 canola contracts had traded as of 8:48 CST.
Milling wheat, durum, and barley futures were all untraded, although wheat and durum saw some price adjustments following Thursday’s close.
Prices in Canadian dollars per metric ton at 8:48 CST:
