By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, March 9 (CNS Canada) – ICE Canada canola contracts were mixed Thursday morning, as conflicting outside factors pulled the market in both directions.
Losses in the Chicago Board of Trade soy complex put some early pressure on the market, with the large South American crop prospects keeping the bias lower in soybeans.
Expectations for large North American oilseed plantings this spring remained bearish as well.
However, continued weakness in the Canadian dollar, which dipped below 74 US cents in early activity, provided underlying support for canola. Tightening old crop canola supplies, solid end user demand, and supportive chart signals, also lent some strength to canola, according to participants.
The US Department of Agriculture releases its latest monthly supply/demand report at 11:00 CST, and any surprises in the data have the potential to swing values one way or the other
About 4,000 canola contracts had traded as of 8:57 CST.
Milling wheat, durum, and barley futures were all untraded.
