By Terryn Shiells, Commodity News Service Canada
Winnipeg, August 7 – The ICE Futures Canada canola market was mixed amid very choppy and quiet activity Friday morning, as position squaring ahead of the weekend was a feature.
Traders were also wary of pushing values too far one way or the other ahead of the August 12 supply and demand report from the USDA, analysts said.
The market found some spillover support from the firmer tone in Chicago soybean futures.
The downswing in the value of the Canadian dollar was also bullish, as it made canola more attractive to crushers and exporters.
On the other side, weakness in outside vegetable oil markets, including Malaysian palm oil and Chicago soyoil, weighed on prices.
Improving weather for North American growing regions and talk that the long term technical bias is pointed lower for canola were also bearish.
As of 8:44 CDT Friday about 885 contracts had traded.
Milling wheat, durum and barley futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:44 CDT:
