By Terryn Shiells, Commodity News Service Canada
WINNIPEG, Oct. 24 – Canola futures in the ICE Canada trading platform were softer at midsession Friday, following the declines seen in Chicago soybean and soyoil futures, analysts said.
The upswing in the value of the Canadian dollar and talk that Canadian canola production is looking better than earlier expectations added to the bearish tone.
Profit taking on recent gains, and ahead of the weekend, further undermined values, as did improving conditions for South American soybean planting.
However, recent gains in canola have shifted the market’s technical bias higher, which was supportive.
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Traders will be monitoring news out of Yorkton, Saskatchewan, as there was a massive explosion of a meal tower at the Louis Dreyfus crushing plant just east of the city. It may be bad enough to shut the facility down for a while, which would reduce demand for canola in the short term, according to a broker.
As of 10:41 CDT Friday, about 15,650 contracts had traded.
Milling wheat, durum and barley futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:41 CDT:
