By Terryn Shiells, Commodity News Service Canada
WINNIPEG, Jan. 16 – Canola futures on the ICE Canada trading platform were mixed amid choppy activity at midday Friday. The nearby March contract saw the only losses, as traders attempted to remove some of the inverse in the market, analysts noted.
Volatility in outside currency and financial markets, due to the Swiss bank’s recent decision to get rid of a previously imposed limit on the franc’s strength against the euro, was causing traders to be jittery, according to a broker.
Some support for canola came from the gains seen in Chicago soyoil futures and speculative buying interest.
Sharp weakness in the Canadian dollar was lifting canola earlier in the trading session, but the loonie has since come well off its lows.
Spillover pressure from the weakness in European rapeseed and Malaysian palm oil futures was bearish, as was a pickup in farmer selling.
As of 10:34 CST Friday, about 11,750 contracts had traded.
Milling wheat, barley and durum futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:34 CST:
