By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Oct. 16 – ICE Canada canola contracts were narrowly mixed Friday morning, chopping around both sides of unchanged as the market consolidated around nearby support.
The November contract settled just above C$470 per tonne on Thursday, which is a level that has provided good support over the past month.
Early strength in CBOT soyoil and a weaker Canadian dollar were also supportive for canola futures; as that combination should help crush margins show some improvement.
However, steady farmer selling and improving production ideas for both Canadian canola and US soybeans did limit the upside potential, according to participants.
About 4,600 canola contracts had traded as of 8:51 CDT.
Milling wheat, durum, and barley futures were all untraded.
