By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Oct. 29 – ICE Canada canola contracts were trading within fifty cents of unchanged Thursday morning in quiet trade, as the market consolidated around its nearby lows.
While recent activity has shifted the technical bias to the downside, chart support was still holding in the most active January contract around the C$473 per tonne level.
CBOT soybeans were holding relatively steady in early activity, providing little direction for canola.
Outside markets, including Malaysian palm oil and European rapeseed futures, were also providing little incentive to move canola prices one way or the other.
Rising North American production ideas and improving South American weather conditions were both putting some pressure on values, according to participants. On the other side, end user demand remains solid, while farmer are reluctant sellers at current values.
About 3,500 canola contracts had traded as of 8:55 CDT.
Milling wheat, durum, and barley futures were all untraded.
