By Phil Franz-Warkentin, Commodity News Service Canada
May 28, 2015
Winnipeg – ICE Canada canola contracts were narrowly mixed Thursday morning, lacking any clear direction in early activity amid competing outside influences.
On the supportive side, continued weakness in the Canadian dollar underpinned the canola market as the currency dipped below the psychological 80 US cents mark.
Concerns over dry conditions in parts of Western Canada and a firmer tone in CBOT soyoil helped underpin the canola market as well, according to participants. Malaysian palm oil was also up in overnight activity.
However, canola is said to be looking overpriced compared to other oilseeds, which put some pressure on values. The good US and South American production prospects, together with longer range forecasts calling for some much needed moisture in some of the drier areas of Western Canada, were also bearish.
About 2,000 canola contracts had traded as of 8:52 CDT.
Milling wheat, durum, and barley futures were all untraded.
Prices in Canadian dollars per metric ton at 8:52 CDT:
