By Phil Franz-Warkentin, Commodity News Service Canada
January 27, 2015
Winnipeg – ICE Canada canola contracts were narrowly mixed Tuesday morning, lacking any clear direction in thin and choppy activity.
CBOT soybeans and soyoil were also holding near unchanged to start the day, which did little to move the canola market.
After jumping higher last week, canola has run into chart resistance to the upside and was now seeing some consolidation, according to analysts.
Relatively favourable South American crop conditions also continue to overhang the oilseeds in general, although dryness concerns were starting to appear in some Brazilian growing areas.
The Canadian dollar was up by roughly half a cent relative to its US counterpart Tuesday morning, which was somewhat bearish for canola. However, the currency is still at its weakest levels in over five years.
About 3,500 canola contracts had traded as of 8:41 CST.
Milling wheat, durum, and barley futures were all untraded.
Prices in Canadian dollars per metric ton at 8:41 CST:
