By Phil Franz-Warkentin, Commodity News Service Canada
November 13, 2014
Winnipeg – Canola contracts on the ICE Futures Canada platform were mostly lower at midday Thursday, retreating from earlier gains as the CBOT soy complex backed off its earlier advances as well.
Canola had moved up in sympathy with the Chicago soy complex in early activity. Soybeans had been up by over 20 cents per bushel at one point, but the January contract was only up eight cents by 10:48 CST and soyoil was lower.
Increased farmer selling and softening demand from end users contributed to the eventual weakness in canola, according to participants.
Adjustments to the intermonth spreads were also behind some of the activity in canola, as the market has moved from an inverse back to a more traditional carry situation.
The Canadian dollar was weaker on Thursday, which did provide some underlying support for canola.
About 12,000 canola contracts had traded as of 10:48 CST.
Milling wheat, durum, and barley were all untraded.
Prices in Canadian dollars per metric ton at 10:48 CST:
