By Phil Franz-Warkentin, Commodity News Service Canada
Jan. 17, 2014
Winnipeg – Canola contracts on the ICE Futures Canada platform were weaker at 10:40 CST Friday, taking some direction from the declines in CBOT soybeans and soyoil.
The failure of the canola market to see some follow-through buying on Thursday’s rally was seen as bearish from a technical standpoint, which contributed to the losses, according to participants.
Canada’s record large crop and the ongoing logistics issues across Western Canada remained bearish for the futures as well.
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However, oversold price sentiment and ideas that canola is cheap compared to most other oilseeds did provide some support, according to participants.
The Canadian dollar was weaker on Friday, which also underpinned canola.
The US markets will be closed Monday for the Martin Luther King Holiday, while Canadian markets will remain open. Positioning ahead of the US long weekend was expected to be a feature on Friday.
About 8,000 canola contracts had traded as of 10:40 CST, with inter-month spreading a feature.
Milling wheat, durum, and barley futures were untraded after seeing some price revisions following Thursday’s close.
Prices in Canadian dollars per metric ton at 10:40 CST:
