By Terryn Shiells, Commodity News Service Canada
Winnipeg, Feb. 13 – Canola contracts on the ICE Futures Canada platform were stronger Friday morning, following the advances seen in Chicago soybean and soyoil futures, analysts said.
Technical based buying, after the market broke above C$465.00 in the March contract, and steady commercial demand for canola were also bullish.
Expectations that the Canadian dollar will remain on the weak side for an extended period of time further underpinned canola.
However, the loonie was moving higher Friday morning, which tempered the upside.
Spillover pressure from the declines in Malaysian palm oil futures and good conditions for South America’s large soybean crop were also bearish.
Canola futures could succumb to profit taking later in the day as traders prepare for the long weekend, brokers added. US and Canadian markets are both closed Monday, February 16.
As of 8:42 CST Friday, about 5,980 contracts had traded.
Milling wheat, durum and barley futures were untraded following revisions after Thursday’s close.
Prices in Canadian dollars per metric ton at 8:42 CST:
