By Terryn Shiells, Commodity News Service Canada
Winnipeg, Jan. 23 – Canola contracts on the ICE Futures Canada platform were narrowly mixed amid choppy activity Friday morning. The market was consolidating following recent gains, and ahead of the weekend, analysts said.
The canola market continued to find support from the weak Canadian dollar, which was hovering around the 80.55 cents US mark Friday morning. The weaker loonie makes canola more attractive to international buyers and domestic crushers.
Steady commercial buying interest and chart-based buying were also underpinning canola futures.
On the other side, spillover pressure came from the declines seen in Chicago soybean and soyoil futures.
A pickup in farmer selling on recent advances and ongoing expectations of record large South American soybean production were also bearish.
As of 8:41 CST Friday, about 2,850 contracts had traded.
Milling wheat, durum and barley futures were untraded, following revisions by the Exchange after Thursday’s close.
Prices in Canadian dollars per metric ton at 8:41 CST:
