By Phil Franz-Warkentin, Commodity News Service Canada
Feb. 21, 2014
Winnipeg – ICE Canada canola contracts were holding onto small gains in most months Friday morning, after trading to both sides of unchanged in choppy overnight activity.
Continued weakness in the Canadian dollar, which was down a half cent relative to its US counterpart, provided some underlying support for canola, according to participants.
Ideas that canola remains undervalued compared to most other oilseeds were also supportive.
However, the long range technical bias is still pointed lower from a chart perspective. Canada’s record large canola crop and the ongoing logistics issues across the Prairies remained a bearish influence overhanging the market as well.
The CBOT soy complex was narrowly mixed in early activity, providing little direction for canola.
About 5,300 canola contracts had traded as of 8:47 CST.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:47 CST:
