By Phil Franz-Warkentin, Commodity News Service Canada
December 18, 2014
Winnipeg – ICE Canada canola contracts were narrowly mixed Thursday morning, as the market reacted to conflicting outside influences.
The CBOT soy complex was higher in overnight activity, which spilled over to provide some underlying support for canola. Gains in crude oil and Malaysian palm oil were also supportive for canola.
Bullish technical signals added to the firmer tone in the Canadian futures, as canola was testing upside resistance.
However, the Canadian dollar was also stronger Thursday morning, which tempered the upside potential in canola.
While many farmers are still on the sidelines awaiting the New Year, the recent strength of the market has also brought cash bids to the C$10 per bushel mark in many parts of Western Canada. That level was expected to trigger some selling, according to participants.
About 8,000 canola contracts had traded as of 8:45 CST.
Milling wheat, durum, and barley futures were all untraded and unchanged, after wheat saw some price adjustments following Wednesday’s close.
Prices in Canadian dollars per metric ton at 8:45 CST:
