By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Jan. 26 (CNS Canada) – ICE Canada canola contracts were narrowly mixed Thursday morning, in thin and choppy activity.
The Chicago Board of Trade soy complex was also chopping around both sides of unchanged in early activity, which kept some caution in the Canadian market, according to participants.
A softer tone in the Canadian dollar, solid end user demand, and South American production uncertainty all provided some underlying support for canola.
However, canola crush margins have lost considerable ground over the past week, which may be causing some buying interest to back away. The technical charts are also providing little direction, with nearby resistance coming in at around C$525 per tonne in the March contract.
About 2,600 canola contracts had traded as of 8:57 CST.
Milling wheat, durum, and barley futures were all untraded.
