By Dave Sims, Commodity News Service Canada
WINNIPEG, June 20 – Canola contracts on the ICE Futures Canada platform were mostly lower Friday morning, backing away from overnight gains. However, there seems to be little appetite for any aggressive moves ahead of the weekend leaving room for consolidation.
The broad bias in the oilseeds is leaning lower, but near-term more sideways while traders wait for more information, according to a report.
A weather premium seems to have settled into the canola market due to the heavy precipitation in Western Canada that has delayed planting the last of the crop and raised concerns over possible damage.
Canola is testing the resistance of certain price points, if it overcomes the resistance the buying could build on itself, an analyst said.
Palm oil is firmer but soy has been under pressure.
About 1,100 canola contracts had traded as of 8:40 CDT.
Milling wheat, durum, and barley futures were all untraded after seeing some price revisions following Thursday’s close.
Prices in Canadian dollars per metric ton at 8:40 CDT:
