By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, May 25 (CNS Canada) – ICE Futures Canada canola contracts were narrowly mixed Friday morning, holding within a dollar or two of unchanged as participants squared positions ahead of the weekend.
Weakness in the Canadian dollar provided underlying support, according to traders. Ongoing concerns over dryness in parts of Western Canada were also supportive, with many areas in need of rain.
However, losses in Chicago Board of Trade soyoil put some pressure on values. Chart resistance was also holding to the upside, with canola starting to look overbought from a technical standpoint.
Markets in the U.S. will be closed Monday for Memorial Day, while Canadian markets will remain open.
About 5,200 canola contracts had traded as of 9:01 CDT.
