WINNIPEG, MB, Nov. 28, 2014

Canola futures on the ICE Canada trading platform were slightly lower amid choppy activity at mid-session Friday. The market was consolidating after Thursday's independent move lower, due to US markets being closed. Canola futures will also have to move on their own heading into the close today, as Chicago markets will have an early close at noon CST.

Spillover pressure from the softness in the Chicago soy complex helped to weigh on the canola market, analysts said. Chicago soyoil futures were down sharply as crude oil prices continue to tumble.

Weakness in Malaysian palm oil and European rapeseed added to the bearish tone, as did the large US bean crop and good growing conditions for oilseeds in South America.

However, the sharply lower Canadian dollar was helping to underpin canola, as it made the oilseed more attractive to foreign buyers.

Crushers were also buying canola, which was keeping a firm floor under the market, traders said.

As of 10:47 CST Friday, about 8,965 contracts had traded. Spreading was a feature of the activity, with farmers and funds both fairly inactive, according to a broker.

Milling wheat, barley and durum futures were untraded and unchanged.

Prices in Canadian dollars per metric ton at 10:47 CST:

                          Price      Change
Canola            Jan     425.80    dn  1.30
                  Mar     426.40    dn  1.90
                  May     428.80    dn  1.50
Milling Wheat     Dec     230.00      unch
                  Mar     238.00      unch
Durum             Dec     356.50      unch
                  Mar     357.50      unch
Barley            Dec     174.00      unch
                  Mar     177.00      unch 

Commodity News Service Canada