By Phil Franz-Warkentin, Commodity News Service Canada
December 17, 2014
Winnipeg – ICE Canada canola contracts were bouncing around both sides of unchanged in choppy trade Wednesday morning, as the market consolidated within a narrow range.
CBOT soybeans were slightly softer in early trade, which put some spillover pressure on canola, according to participants. The continued weakness in crude oil was also overhanging the agricultural markets in general.
From a chart perspective, canola was hovering around nearby resistance. A break one way or the other could lead to more speculative buying or selling, depending on the direction the market takes.
Steady end user demand and a lack of farmer selling on the other side, as producers are largely waiting for the New Year, provided some underlying support.
About 4,000 canola contracts had traded as of 8:44 CST.
Milling wheat, durum, and barley futures were all untraded and unchanged, after wheat saw some price adjustments following Tuesday’s close.
Prices in Canadian dollars per metric ton at 8:44 CST:
