By Phil Franz-Warkentin, Commodity News Service Canada
January 29, 2015
Winnipeg – ICE Canada canola contracts were narrowly mixed Thursday morning, as the market saw some consolidation following Wednesday’s selloff.
Oversold price sentiment, gains in CBOT soybeans, and continued weakness in the Canadian dollar all provided some underlying support for canola to start the day.
The Canadian currency was trading below 80 US cents this morning, which makes canola more attractive to export customers pricing in US dollars.
However, losses in CBOT soyoil did put some spillover pressure on canola, according to participants.
The overall technical outlook has shifted lower, which also tempered the upside potential, said an analyst. In addition, relatively favourable South American crop conditions continue to overhang the oilseeds in general.
About 7,000 canola contracts had traded as of 8:50 CST.
Milling wheat, durum, and barley futures were all untraded.
Prices in Canadian dollars per metric ton at 8:50 CST:
