By Phil Franz-Warkentin, Commodity News Service Canada
February 20, 2015
Winnipeg – ICE Canada canola contracts were posting small losses Friday morning, seeing some modest profit-taking to end the week.
After hitting their highest levels in seven months, canola futures were due for a correction from a chart standpoint. The recent strength was also said to be drawing in more farmer selling.
Losses in the CBOT soy complex contributed to the softer tone in canola, according to participants.
However, solid end user demand from both exporters and domestic crushers did provide some underlying support. The overall technical bias also remains pointed higher for the time being.
About 5,000 canola contracts had traded as of 8:51 CST.
Milling wheat, durum, and barley futures were all untraded after seeing some price revisions following Thursday’s close.
Prices in Canadian dollars per metric ton at 8:51 CST:
