By Terryn Shiells, Commodity News Service Canada
WINNIPEG, Jan. 9 – Canola futures on the ICE Canada trading platform were mixed amid quiet, choppy activity at midday Friday. The evening of positions ahead of Monday’s USDA monthly crop report was a feature of the activity.
Canola futures were also taking some direction from the mixed tone seen in Chicago soybean futures.
Weakness in Chicago soyoil, European rapeseed and Malaysian palm oil futures weighed on values, analysts said.
Profit taking on recent gains and light farmer selling were also bearish.
The large US soybean supply situation and favourable weather for South American soybean crops continued to overhang values.
On the other side, signs of good demand for global oilseeds, and steady commercial buying interest for canola were supportive.
The downswing in the value of the Canadian dollar was also supportive, as it made canola more attractively priced for crushers and exporters.
As of 10:51 CST Friday, about 9,450 contracts had traded.
Milling wheat, barley and durum futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:51 CST:
