By Phil Franz-Warkentin, Commodity News Service Canada
February 6, 2015
Winnipeg – Canola contracts on the ICE Futures Canada platform were stronger at midday Friday, seeing some follow-through buying interest after Thursday’s gains.
Activity was on the quiet side, “but canola has a light undertone of independent strength,” said a broker. He said the speculative activity had calmed down, with routine end user demand behind most of the buying interest.
A weaker tone in the Canadian dollar, which was trading back below 80 US cents, provided some underlying support for canola as well.
Recent strength in Malaysian palm oil was also supportive, although declines in CBOT soybeans and soyoil did limit the upside potential in canola. Large South American soybean production prospects were also overhanging the oilseeds in general.
About 9,000 canola contracts had traded as of 10:45 CST.
Milling wheat, durum and barley were all untraded.
Prices in Canadian dollars per metric ton at 10:45 CST:
