By Dwayne Klassen, Commodity News Service Canada
Winnipeg – November 21/12 – CNS – Canola contracts on the ICE Futures Canada platform were trading at steady to mostly higher price levels in early Wednesday morning activity. Strength in canola came from the advances posted in the outside oilseed markets, industry watchers said.
Activity was on the light side with few market participants willing to establish large positions ahead of the closure of the US markets on Thursday in observance of the US Thanksgiving Holiday.
The gains experienced in European rapeseed futures overnight and the advances seen this early Wednesday in CBOT soybean and soyoil futures helped to encourage some of the price advances in canola, brokers said.
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Sentiment that canola futures are oversold and in need of a further correction to the upside, also underpinned values. The reluctance of farmers to deliver canola into the cash pipeline also generated some support.
The upside in canola was capped by reduced domestic processor demand and by the bearish chart signals in the market, brokers said.
As of 8:43 CST, about 2,241 canola contracts had traded.
Milling wheat, durum and barley contracts were unchanged and untraded.
Prices in Canadian dollars per metric ton at 8:43 CST:
