By Phil Franz-Warkentin, Commodity News Service Canada
October 27, 2014
Winnipeg – ICE Canada canola contracts were bouncing around both sides of unchanged Monday morning in choppy, two-sided activity.
Losses in CBOT soybeans and soyoil put some spillover pressure on the Canadian market, according to participants. Follow-through selling after Friday’s sharp declines also weighed on values.
Improving moisture conditions in South America, the advancing US soybean harvest, and a firmer tone in the Canadian dollar were also cited as bearish influences for canola.
However, the downside was limited as there is still more than enough uncertainty over crop conditions in Brazil to keep some weather premiums in the oilseeds. Technical support was also holding, according to analysts.
About 4,500 canola contracts had traded as of 8:50 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged, after seeing some price revisions following Friday’s close.
Prices in Canadian dollars per metric ton at 8:50 CDT:
Price Change
Canola Nov 411.10 up 0.10
Jan 410.70 dn 0.70
Mar 413.60 dn 0.40
Milling Wheat Dec 225.00 unch
Mar 231.00 unch
Durum Dec 356.50 unch
Mar 357.50 unch
Barley Dec 137.00 unch
Mar 140.00 unch
