By Dave Sims, Commodity News Service Canada
WINNIPEG, May 25 – ICE Canada canola contracts were narrowly mixed Monday morning in light, directionless trade. US markets are closed for Memorial Day, leaving canola without any guidance from US grain markets.
Reports of frost last week remain bullish for values along with concerns about excess dryness in Western Canada.
Farmer selling was sluggish as growers remain focused on seeding and fieldwork.
However, large supplies of oilseeds in South America and the US were bearish.
There are ideas that canola is over-priced and due to hit some resistance from a chart standpoint.
About 2,100 canola contracts had traded as of 8:45 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:45 CDT:
