By Phil Franz-Warkentin, Commodity News Service Canada
May 30, 2014
Winnipeg – ICE Canada canola contracts were bouncing around both sides of unchanged Friday morning, lacking any clear direction as traders adjusted positions ahead of the weekend.
CBOT soyoil futures were slightly softer in early activity, which was somewhat bearish for canola. European rapeseed and Malaysian palm oil futures were also down in overnight trade, while soybeans were mixed.
Relatively favourable weather conditions for seeding and crop development across Western Canada weighed on canola values as well. However, there are also enough areas of concern to keep some premiums in the futures, which accounted for the choppy tone.
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The sharp declines earlier in the week have shifted the technical bias lower, according to some analysts. However, downside support was holding around the C$460 level in the July contract.
A lack of significant farmer selling, a weaker tone in the Canadian dollar, and solid end user demand were all underpinning the futures as well.
About 2,300 canola contracts had traded as of 8:57 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:57 CDT:
