By Terryn Shiells, Commodity News Service Canada
Winnipeg, Jan. 16 – Canola contracts on the ICE Futures Canada platform were nearly unchanged Thursday morning amid choppy activity, as some traders moved to the sidelines ahead of the long weekend in the US. The US markets will be closed for Martin Luther King Day on Monday, while Canadian markets will remain open.
Downward pressure came from the logistics problems in Western Canada, which are curbing usage of the large canola crop, analysts said.
The bearish technical bias, stronger Canadian dollar and spillover pressure from the weakness in Chicago soyoil futures also undermined canola values.
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On the other side, oversold price sentiment and spillover support from the gains seen in Chicago soybean futures were bullish.
Ideas that canola is undervalued compared to other oilseeds continued to keep a firm floor under the market.
Activity was on the lighter side, traders said. As of 8:39 CST Thursday, only about 1,010 contracts had traded.
Milling wheat, durum and barley futures were untraded following price revisions to wheat after the close on Wednesday.
Prices in Canadian dollars per metric ton at 8:39 CST:
