By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Dec. 19 (CNS Canada) – ICE Canada canola contracts were bouncing around both sides of unchanged Monday morning, as conflicting outside forces kept the market within a rather narrow range.
Weakness in the Canadian dollar and good end user demand provided support on the one side.
Canola remains attractively priced compared to other oilseeds, keeping exporters and domestic crushers on the buy side. Dryness concerns in parts of Argentina were also lending support to the oilseeds in general.
However, conditions remain favourable in Brazil and expectations for a large South American soybean crop overall limited the upside in canola.
Losses in Chicago Board of Trade soybeans and soyoil weighed on canola as well.
About 15,000 canola contracts had traded as of 8:58 CST.
Milling wheat, durum, and barley futures were all untraded.
