By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, March 10 (CNS Canada) – ICE Canada canola contracts were narrowly mixed Thursday morning, lacking any clear direction as the market reacted to conflicting outside factors.
The most active months were higher, with a softer tone in the Canadian dollar behind some of the early commercial buying interest, according to participants. The need to keep some weather premiums in the market ahead of spring seeding provided further support, especially as dryness concerns start to mount in some areas of the Prairies.
Losses in CBOT soybeans and soyoil did put some spillover pressure on canola to start the day.
Ongoing concerns over declining demand from China, bearish technical signals, and the advancing South American soybean harvest were also overhanging the market.
About 3,500 canola contracts had traded as of 9:01 CST.
Milling wheat, durum, and barley futures were all untraded.
