By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, April 7 (CNS Canada) – Canola contracts on the ICE Futures Canada platform were narrowly mixed at midday Thursday, as weakness in the Canadian dollar countered the spillover selling pressure from the declines in CBOT soyoil.
Speculative short-covering accounted for most of the buying interest, according to a broker, with routine exporter and domestic crusher demand also coming forward as the Canadian currency declined.
However, the upside in canola was limited by steady farmer selling. The generally bearish tone in the outside financial and energy markets was also said to be putting some pressure on values.
About 12,000 canola contracts had traded as of 10:46 CDT, with the May/July spread a feature of the activity.
Milling wheat, durum, and barley futures were all untraded.
