By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Dec. 23 – ICE Canada canola contracts were stronger Wednesday morning, seeing a corrective bounce to start the day after Tuesday’s sharp losses.
Speculators evening positions ahead of the Christmas and New Year’s holidays were behind much of the activity. Solid end user demand from both exporters and domestic crushers remained supportive as well.
A lack of significant farmer selling, as producers have generally moved to the sidelines for the time being, was also supportive, according to traders.
On the other side, losses in the CBOT soy complex, a firmer tone in the Canadian dollar, and the large supplies overhanging the market all put some pressure on values – keeping canola rangebound overall.
About 5,000 canola contracts had traded as of 8:58 CST.
Milling wheat, durum, and barley futures were all untraded.
