By Phil Franz-Warkentin, Commodity News Service Canada
October 31, 2014
Winnipeg – ICE Canada canola contracts were chopping around both sides of unchanged Friday morning, although the bias was lower in most months as the market was seeing some consolidation to end the week.
Canola futures have posted solid gains over the past week, as speculative short-covering and spill-over from the advances in the CBOT soy complex provided support. With soybeans down to start the day, canola was also being pressured by some modest profit-taking.
The recent strength has also uncovered some more farmer selling, according to participants.
However, the downside was limited in canola, as the technical bias has shifted higher making any losses seen as good buying opportunities. Solid commercial demand was also underpinning the futures.
About 5,000 canola contracts had traded as of 8:56 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged, after seeing some price revisions following Thursday’s close.
Prices in Canadian dollars per metric ton at 8:56 CDT:
