By Dave Sims, Commodity News Service Canada
WINNIPEG, October 20 – Canola contracts on the ICE Futures Canada platform were mixed at 10:35 CDT on Thursday, as downward pressure from the US soy market was countered by action in the Canadian currency. The loonie was lower relative to its US counterpart, which made canola more enticing to out-of-country buyers.
Farmers are expected to get back on the fields this weekend and resume harvesting in certain portions of the Prairies, which was bearish.
Harvesting conditions for soybeans in the US Midwest are favourable, which also weighed on prices.
However, the technical bias appears pointed higher, according to a report.
Weakness in the market could appear to be a buying opportunity, an analyst said.
About 36,000 canola contracts had traded as of 10:35 CDT.
Milling wheat, barley and durum were untraded.
Prices in Canadian dollars per metric ton at 10:35 CDT:
