By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Oct. 15 – ICE Canada canola contracts were trading within a dollar of unchanged in early activity, posting only small losses in the most active months as the futures look for some fresh market moving news.
Losses in CBOT soyoil put some spillover pressure on the canola market, according to participants. Malaysian palm oil and European rapeseed futures were also down in overnight activity.
Recent strength in the Canadian dollar, rising production ideas, chart resistance, and the advancing US soybean harvest all weighed on canola as well.
However, CBOT soybeans were up to start the day, which lent some support to canola.
Solid end user demand, coupled with a lack of aggressive farmer selling, was also supportive for canola. Talk of hot and dry weather hampering soybean production in South America was said to be underpinning the futures as well.
About 5,000 canola contracts had traded as of 8:54 CDT.
Milling wheat, durum, and barley futures were all untraded.
