By Terryn Shiells, Commodity News Service Canada
Winnipeg, Dec 12 – Canola contracts on the ICE Futures Canada platform were narrowly mixed amid choppy activity Friday morning.
Some spillover support came from the advances seen in Chicago soybean futures, analysts said.
The downswing in the value of the Canadian dollar was also supportive, as it made canola more attractive to crushers and exporters.
The technical bias in the market has shifted higher, which further underpinned values, as did solid commercial demand for canola. The market continues to trade at an inverse, indicating strong nearby demand for canola.
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Farmer selling remains light overall, as they wait for the New Year, but some may be triggered by recent strength in the market.
Some spillover pressure came from the weakness seen in Malaysian palm oil and Chicago soyoil futures.
Continued softness in the crude oil market, a record large US soybean crop and good conditions for South American oilseeds were also bearish.
As of 8:47 CST, about 2,800 contracts had traded.
Milling wheat, durum and barley futures were untraded following price revisions after Thursday’s close.
Prices in Canadian dollars per metric ton at 8:47 CST:
