By Phil Franz-Warkentin, Commodity News Service Canada
October 28, 2014
Winnipeg – ICE Canada canola contracts were up sharply Tuesday morning, seeing some follow-through buying interest after Monday’s rally.
Gains in the CBOT soy complex provided some spillover support for canola, according to participants. Malaysian palm oil and European rapeseed futures were also up in overnight activity.
The nearby technical bias has also shifted higher for canola as values broke above nearby resistance.
While a lack of significant farmer selling was also supportive, the strengthening prices were expected to encourage some more sales. The advancing US soybean harvest and improving weather conditions for soybeans in Brazil were also said to be limiting the gains.
About 8,000 canola contracts had traded as of 8:45 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged, after seeing some price revisions following Monday’s close.
Prices in Canadian dollars per metric ton at 8:45 CDT:
Price Change
Canola Nov 428.20 up 5.50
Jan 425.30 up 4.70
Mar 427.20 up 4.40
Milling Wheat Dec 223.00 unch
Mar 229.00 unch
Durum Dec 356.50 unch
Mar 357.50 unch
Barley Dec 137.00 unch
Mar 140.00 unch
