By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Jan. 27 (CNS Canada) – ICE Canada canola contracts were mixed Friday morning, with losses in the nearby contracts and a firmer tone in the new crop months.
A weaker tone in the Chicago Board of Trade soy complex put some early pressure on canola, according to participants. Chart-based selling added to the downside, as canola continued to back away from nearby highs.
Crush margins have deteriorated over the past week, which contributed to the declines in canola.
Relatively favourable South American crop conditions continue to overhang the oilseed markets as well, although there are also still enough areas of concern in the continent to provide some support.
Early weakness in the Canadian dollar helped underpin the canola market as well.
About 4,500 canola contracts had traded as of 8:57 CST.
Milling wheat, durum, and barley futures were all untraded.
