By Terryn Shiells, Commodity News Service Canada
Winnipeg, March 28 – Canola contracts on the ICE Futures Canada platform were little changed Friday morning, as traders were being cautious ahead of the weekend and Monday’s stocks and planting intentions reports from the USDA.
A mixed tone in outside oilseed markets, including the Chicago soy complex, also kept canola in a narrow trading range Friday morning, analysts said.
A bullish technical bias, news that the Vancouver truckers’ strike has ended and continued ideas that canola is undervalued compared to other oilseeds were supportive.
On the other side, continued large Canadian canola supplies, a pickup in farmer selling and recent strength in the value of the Canadian currency were bearish.
As of 8:41 CDT Friday, about 3,700 contracts had traded.
Milling wheat, durum and barley futures were untraded following price revisions after the close on Thursday.
Prices in Canadian dollars per metric ton at 8:41 CDT:
