By Phil Franz-Warkentin, Commodity News Service Canada
November 28, 2014
Winnipeg – ICE Canada canola contracts were narrowly mixed Friday morning amid a number of competing market forces.
Continued weakness in crude oil and the resulting declines in CBOT soyoil, as the US markets reopen after the Thanksgiving holiday, put some early pressure on canola values, according to participants.
Generally favourable South American crop conditions, the large US soybean crop, and bearish technical signals weighed on canola as well.
However, sharp losses in the Canadian dollar relative to its US counterpart over the past two days provided some underlying support for canola.
A continued lack of significant farmer selling, together with solid end user demand on the other side, helped underpin the market as well.
About 3,700 canola contracts had traded as of 8:52 CST.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:52 CST:
