By Phil Franz-Warkentin, Commodity News Service Canada
April 17, 2015
Winnipeg – ICE Canada canola contracts were narrowly mixed Friday morning, as the market was taking a bit of a breather in early activity after dropping sharply the previous session.
Canola broke below a number of key chart points during Thursday’s selloff, shifting the technical bias to the downside.
Continued strength in the Canadian dollar, which has rallied by nearly three cents relative to its US counterpart over the past week, weighed on canola as well.
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However, ideas that Thursday’s declines were overdone did provide some underlying support for canola.
A lack of significant farmer selling and the need to keep some weather premiums in the futures were also keeping canola supported, according to participants.
The CBOT soy complex was mixed, providing little direction for canola.
About 5,300 canola contracts had traded as of 8:49 CDT.
Milling wheat, durum, and barley futures were all untraded after seeing some price revisions following Thursday’s close.
Prices in Canadian dollars per metric ton at 8:49 CDT:
