By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, May 13 (CNS Canada) – ICE Canada canola contracts were narrowly mixed Friday morning, as the market consolidated within a narrow range after a seeing large moves over the course of the week.
The July contract has traded within a forty dollar range over the past week, and was at the low end of that range on Friday just above major support.
CBOT soybeans and soyoil were both lower in early activity, which put some spillover pressure on canola. However, the Canadian dollar was also softer, which was supportive on the other side.
Mixed weather conditions across Western Canada were keeping some uncertainty in the market. While some areas received welcome rain over the past week, others remain on the dry side. Cold temperatures and the possibility of frost damage across much of the Prairies were also somewhat supportive.
About 3,500 canola contracts had traded as of 8:56 CDT.
Milling wheat, durum, and barley futures were all untraded.
