By Terryn Shiells, Commodity News Service Canada
Winnipeg, May 15 – The ICE Futures Canada canola market was slightly lower amid quiet activity Friday morning, following the losses seen in Chicago soyoil futures.
Weakness in Malaysian palm oil futures contributed to the softer tone as well, analysts said.
Generally favourable conditions for seeding in North America and the large global oilseed supply situation were also bearish.
However, the downswing in the value of the Canadian dollar limited the losses, as it made canola more attractive to exporters and crushers.
The need to keep weather premiums in the market, as there is still a long growing season ahead, also provided some support.
As of 8:48 CDT Friday, about 2,400 contracts had traded. Much of the activity was linked to positioning ahead of the long weekend, as Canadian markets are closed for Victoria Day on Monday, May 18.
Milling wheat, durum and barley futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:48 CDT:
