By Phil Franz-Warkentin, Commodity News Service Canada
Jan. 24, 2014
Winnipeg – ICE Canada canola contracts were weaker Friday morning, taking some direction from the overnight declines in CBOT soyoil.
Canada’s record large canola crop and the ongoing logistics issues moving it out of the Prairies remained a bearish influence on the market as well, according to traders.
The Canadian dollar was slightly firmer Friday morning, after posting large losses relative to its US counterpart earlier this week.
The technical trend remains pointed lower as well from a chart standpoint. However, analysts said canola was looking oversold and could still be due for a corrective bounce ahead of the weekend.
About 4,500 canola contracts had traded as of 8:52 CST.
Milling wheat, durum, and barley futures were all untraded and unchanged after seeing some price revisions following Thursday’s close.
Prices in Canadian dollars per metric ton at 8:52 CST:
