By Terryn Shiells, Commodity News Service Canada
Winnipeg, May 21 – The ICE Futures Canada canola market was narrowly mixed Thursday morning. Activity was choppy as traders wait fresh news on the state of Canada’s 2015 canola crop before making any big moves, analysts said.
Below freezing temperatures over the Victoria Day weekend in Western Canada may have caused frost damage to some canola crops, but fields still haven’t been fully assessed.
The large global oilseed supply situation and generally good seeding conditions for the US soybean crop were overhanging prices.
However, some spillover support came from the firmer tone in the Chicago soy complex and Malaysian palm oil futures.
Slow farmer selling in Western Canada and a slightly weaker tone in the Canadian dollar were also supportive.
As of 8:40 CDT Thursday, about 2,750 contracts had traded.
Milling wheat, durum and barley futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:40 CDT:
