By Phil Franz-Warkentin, Commodity News Service Canada
Jan. 17, 2014
Winnipeg – ICE Canada canola contracts were weaker Friday morning, as the market failed to see any follow-through buying on Thursday’s gains.
Overnight losses in the CBOT soy complex, Malaysian palm oil, and European rapeseed futures contributed to the weaker tone in canola, according to participants.
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, said traders.
However, oversold price sentiment and weakness in the Canadian dollar did provide some underlying support for canola.
The US markets will be closed Monday for the Martin Luther King Jr. Holiday, while Canadian markets will remain open. Positioning ahead of the US long weekend was expected to be a feature on Friday.
About 1,300 canola contracts had traded as of 8:43 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 8:43 CST:
