By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Feb. 5 (CNS Canada) – ICE Canada canola contracts were bouncing around both sides of unchanged Friday morning.
The March contract settled below the psychological C$470 per tonne mark on Thursday, and tested the next support at C$467 per tonne on Friday before finding some buying interest at that level and bouncing back towards unchanged.
A choppy tone in CBOT soybeans put some spillover pressure on canola as well, although soyoil was higher.
Relatively favourable production prospects out of South America were overhanging the oilseed markets, although there are also still enough areas of concern to keep some weather premiums in the futures.
The Canadian dollar was slightly weaker Friday morning, which provided some underlying support for canola.
About 4,000 canola contracts had traded as of 8:58 CST.
Milling wheat, durum, and barley futures were all untraded.
