By Terryn Shiells, Commodity News Service Canada
Winnipeg, Nov 7 – Canola contracts on the ICE Futures Canada platform were softer Friday morning, following the weakness in the Chicago soy complex and Malaysian palm oil futures, analysts said.
The squaring of positions ahead of the weekend, and Monday’s monthly USDA crop report was also putting downward pressure on values.
Ongoing expectations of record large US soybean production and the upswing in the value of the Canadian dollar added to the bearish tone.
However, slow farmer selling and strong commercial demand for Canadian canola remained supportive.
The market continues to trade at a slight inverse, indicating strong demand for nearby delivery canola, traders said. Though, the spread has narrowed over the past two days.
As of 8:44 CST, about 9,650 contracts had traded.
Milling wheat and durum were untraded following price revisions after Thursday’s close. Barley futures were seeing some light activity at higher prices.
Prices in Canadian dollars per metric ton at 8:44 CST:
