By Terryn Shiells, Commodity News Service Canada
WINNIPEG, Dec. 19 – Canola futures on the ICE Canada trading platform were slightly lower amid choppy activity on Friday. The market kept within a narrow range due to a lack of big drivers, analysts said.
Canola seems to have hit the top end of its range, which sparked some chart-based selling, brokers added.
Spillover pressure from the weakness in Chicago soybean futures and other outside oilseed markets were also bearish.
However, end user demand remains steady for Canadian canola, which was supportive, as was the downswing in the value of the Canadian dollar.
Strength in Chicago soyoil futures also limited the losses, as did a general lack of farmer selling as they wait for the new tax year.
As of 10:32 CST Friday, about 10,800 contracts had traded. Spreading was a feature of the activity, with traders moving out of the January contract ahead of the holidays and its expiry.
Milling wheat, barley and durum futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:32 CST:
