By Phil Franz-Warkentin, Commodity News Service Canada
January 15, 2015
Winnipeg – Canola contracts on the ICE Futures Canada platform were mostly lower at midday Thursday in choppy activity.
Volatility in the outside currency and financial markets was serving to keep some caution in the grains and oilseeds, according to a broker.
“There are some very bizarre things going on here . . . which makes it difficult to gauge what’s going on,” said a trader pointing to the outside financial markets.
Losses in CBOT soybeans put some spillover pressure on canola, but soyoil was higher and provided some support.
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A slowdown in end user demand, with many commercials thought to be covered for the time being, contributed to the softer tone.
On the other side, the nearby technical signals are still pointed higher for canola which was keeping some fund buying in the market, according to participants.
About 17,000 canola contracts had traded as of 10:55 CST, with intermonth spreading a feature as speculators were busy adjusting their positions.
Milling wheat and durum were both untraded, but barley was higher with the March/May spread a feature.
Prices in Canadian dollars per metric ton at 10:55 CST:
