By Terryn Shiells, Commodity News Service Canada
WINNIPEG, July 11 – Canola contracts on the ICE Futures Canada platform were narrowly mixed at 10:25 CDT Friday, as traders were waiting for the release of the USDA’s supply and demand report at 11:00 CDT before making any big moves, analysts said.
Ongoing worries about flooding in parts of Western Canada and talk that the Peace River area of Alberta is too dry remained supportive.
Slow farmer selling, a weaker Canadian dollar and technical-based buying also underpinned the futures.
On the other side, slowing demand, as canola has lost its relative cheapness compared to other oilseeds, was bearish.
Spillover from the weakness in Chicago soyoil and Malaysian palm oil futures also weighed on prices, as did reports of excellent growing conditions for the US soybean crop.
Activity was on the lighter side. As of 10:25 CDT Friday, about 4,400 contracts had traded.
Milling wheat, barley and durum were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:25 CDT:
