By Phil Franz-Warkentin, Commodity News Service Canada
October 30, 2014
Winnipeg – Canola contracts on the ICE Futures Canada platform were mixed at midday Thursday, with gains in the nearby November contract prior to the month end, but losses in the more active deferred contracts.
With the November futures soon set to go off the board, position evening in the front month helped the lightly traded contract move higher. However, the other months were said to be due for a correction after rallying for most of the past week.
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Losses in the CBOT soy complex put some spillover pressure on canola as well, according to participants.
An increase in farmer selling, as producers take advantage of the recent strength in the market, contributed to the declines, said traders. The advancing US soybean harvest and improving weather conditions for soybeans in Brazil were also said to be putting some pressure on values.
On the other side, the nearby technical bias has shifted higher for canola, making any losses a good buying opportunity, according to analysts.
About 18,000 canola contracts had traded as of 10:56 CDT.
Milling wheat, durum, and barley futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:56 CDT:
