By Terryn Shiells, Commodity News Service Canada
Winnipeg, May 23 – Canola contracts on the ICE Futures Canada platform were weaker Friday morning, amid spreading that saw traders sell canola and buy Chicago soybeans, analysts said.
The upswing in the value of the Canadian dollar and the burdensome Canadian canola supply situation were also bearish.
Reports that planting conditions across Western Canada are improving further undermined prices. Manitoba is the furthest behind, but hot weather expected over the weekend should help farmers catch up on seeding.
However, spillover support from the advances seen in the Chicago soy complex and Malaysian palm oil futures helped to limit the declines, brokers said.
Continued ideas that canola is undervalued compared to competing oilseeds were also supportive.
As of 8:43 CDT Friday, about 2,200 contracts had traded.
Milling wheat, durum and barley futures were untraded following price revisions after the close on Thursday.
Prices in Canadian dollars per metric ton at 8:43 CDT:
