By Terryn Shiells, Commodity News Service Canada
Winnipeg, Jan. 19 – Canola contracts on the ICE Futures Canada platform were slightly higher amid quiet, directionless trade Monday morning, as US markets were closed for Martin Luther King Jr. day.
Traders were wary of pushing canola futures too far one way or the other while US grain and oilseed markets are closed, analysts added.
Some spillover support for canola came from the gains seen in European rapeseed futures overnight.
Technical-based buying, as the canola market’s bias remains pointed higher, added to the bullish tone, market watchers said.
However, weakness in Malaysian palm oil futures overnight weighed on canola.
The Canadian dollar was holding steady, providing little direction for the market.
As of 8:47 CST Monday, only about 980 contracts had traded. There was an additional large EFP (exchange for physical) of 17,580 contracts made Monday morning.
Milling wheat, durum and barley futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:47 CST:
