By Terryn Shiells, Commodity News Service Canada
WINNIPEG, Jan. 26 – Canola futures on the ICE Canada trading platform were narrowly mixed amid choppy activity at midday Monday.
Some spillover support for canola came from the firmer tone seen in Chicago soybean futures, analysts said.
Speculative buying interest, as the funds are holding a very large long position of about 40,000 contracts, was also bullish.
Continued weakness in the Canadian currency further underpinned values, as did steady end user demand. The weaker loonie made canola more attractive to foreign buyers.
On the other side, a recent pickup in farmer selling weighed on the market, as did spillover pressure from the declines seen in Chicago soyoil futures.
Profit taking following recent gains and ongoing expectations of record large South American soybean production were also bearish.
As of 10:42 CST Monday, about 9,350 contracts had traded.
Milling wheat, barley and durum futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:42 CST:
