By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Feb. 2 (CNS Canada) – ICE Futures Canada canola contracts were bouncing around both sides of unchanged on Thursday, although the bias was turning lower in the most active months.
Losses in Chicago Board of Trade soybeans accounted for some spillover selling pressure in canola, according to participants.
The Canadian dollar was also up relative to its US counterpart, which cuts into crush margins and makes exports less attractive to international buyers.
Expectations for a large South American soybean crop and ideas that Canadian farmers will plant more canola in 2017 weighed on values as well.
However, Wednesday’s move higher was seen as somewhat constructive from a chart standpoint, and nearby support was holding to the downside. A slightly firmer tone in CBOT soyoil helped underpin canola as well.
About 9,000 canola contracts had traded as of 10:22 CST.
Milling wheat, durum, and barley futures were all untraded and unchanged.
