By Phil Franz-Warkentin, Commodity News Service Canada
November 14, 2014
Winnipeg – Canola contracts on the ICE Futures Canada platform were narrowly mixed at midday Friday. Activity was choppy as both buyers and sellers were squaring positions and moving to the sidelines ahead of the weekend.
Losses in the CBOT soy complex did put some spillover pressure on canola, according to a broker. The Canadian dollar was also a bit stronger, and the resulting softness in crush margins was bearish for canola.
However, canola has seen some wide price swings over the past week, and was said to be due for some consolidation. Commercial traders were on both sides of the market.
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Farmers have moved back to the sidelines, after making some sales earlier in the week. The funds have also moved to a small net long position over the past week, but were showing some reluctance to push values too far one way or the other on Friday as they await some fresh market moving news, said a broker.
About 11,000 canola contracts had traded as of 10:45 CST.
Milling wheat and durum were both untraded, while barley was steady to higher in light activity.
Prices in Canadian dollars per metric ton at 10:45 CST:
