By Dave Sims, Commodity News Service Canada
WINNIPEG, November 18 – ICE Canada canola contracts were narrowly mixed Wednesday morning in choppy trading.
Values were bouncing around to either side of unchanged as gains in soybeans and losses in soyoil buffeted the canola market.
Malaysian palm oil and European rapeseed futures were both weaker which weighed on prices.
Canola is expensive compared to other vegetable oils which was bearish, according to a trader.
The technical bias is pointed to the downside and most traders expect the next StatsCan crop survey to show a larger canola crop than previously reported.
However, the Canadian dollar was slightly weaker relative to its US counterpart which made canola more desirable to out-of-country buyers.
About 7,300 canola contracts had traded as of 8:50 CST.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:50 CST:
