By Terryn Shiells, Commodity News Service Canada
WINNIPEG, Feb. 20 – Canola futures on the ICE Canada trading platform were weaker at midday Friday, following the losses seen in Chicago soyoil and soybean values, analysts said.
Further downward pressure came from the weaker tone in Malaysian palm oil and European rapeseed futures.
Routine farmer selling and profit-taking following recent advances also weighed on the market.
However, a softer tone in the Canadian currency limited the declines, as it made canola more attractive to crushers and exporters.
Steady commercial demand for canola and technical based buying were also supportive.
Activity was on the quiet side ahead of the weekend, amid a lack of fresh news as traders put Thursday’s USDA outlook forum behind them, brokers said.
As of 10:38 CST Friday, about 15,650 contracts had traded.
Milling wheat, barley and durum futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:38 CST:
