By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Oct. 12 (CNS Canada) – ICE Futures canola contracts were narrowly mixed at midday Friday, with positioning ahead of the weekend a feature.
Gains in Chicago Board of Trade soybeans and soyoil provided some spillover support for canola, but the Canadian oilseed was lagging to the upside.
Spreading between soybeans and canola, with investors buying beans and selling canola, accounted for some of the relative weakness in canola, according to a broker who added that canola was also looking expensive compared to other oilseeds.
Slow exports and steady farmer deliveries into the commercial pipeline in the latest weekly Canadian Grain Commission data also weighed on prices.
In addition, forecasts calling for better harvest weather in parts of Alberta and Saskatchewan over the next two weeks were bearish for canola.
About 15,300 canola contracts traded as of 10:52 CDT.
