By Jade Markus, Commodity News Service Canada
WINNIPEG, February 19 – ICE Canada canola contracts were mixed, but mostly stronger, at midday on Friday in choppy trading.
Weakness in the Canadian dollar supported canola, while losses in Chicago Board of Trade soy oil limited gains.
“In outside markets, you’ve got this mixed tone as well, but canola is holding together well,” said one Winnipeg-based trader.
He added that spread activity was also a feature on Friday, as the March/May contracts narrow.
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Basis levels are tightening, and farmers are steadily selling, he said.
“But there’s a little bit of scrambling going on in the cash market.”
The weekly Canadian Oilseed Processors Association’s estimated crush was up about seven per cent on the week, which also supported canola on Friday.
“That’s a good positive number, big crop, we’re using it up,” the trader said.
Malaysian palm oil closed weaker.
About 32,751 canola contracts had traded as of 11:15 CST.
Milling wheat, durum, and barley futures were all untraded and
unchanged.
Prices in Canadian dollars per metric tonne at 11:15 CST:
