By Terryn Shiells, Commodity News Service Canada
WINNIPEG, May 22 – The ICE Futures Canada canola market was mixed to lower Friday morning, as traders evened positions ahead of the long weekend in the US. US markets will close for Memorial Day on Monday, May 25, while Canadian markets will be open.
Weakness in Chicago soyoil and European rapeseed futures was bearish.
Sentiment that canola is overpriced compared to other oilseeds also weighed on prices, as did the large global oilseed supply situation.
On the other side, slight strength in Chicago soybean and Malaysian palm oil futures helped to provide some support for values, as did concerns about cool weather damaging some western Canadian canola crops.
Weakness in the Canadian dollar was also bullish, as it made canola more attractive to crushers and exporters.
As of 8:44 CDT Friday, about 3,400 contracts had traded.
Milling wheat, durum and barley futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:44 CDT:
