By Phil Franz-Warkentin, Commodity News Service Canada
November 24, 2014
Winnipeg – ICE Canada canola contracts were bouncing around both sides of unchanged early Monday, with the most active contracts all trading within a dollar of Friday’s close as the market consolidated within a narrow range.
A lack of farmer selling remained a major supportive factor in the canola market, with producers said to be largely on the sidelines for the time being.
Solid end user demand and a weaker tone in the Canadian dollar were also somewhat supportive for canola.
However, declines in CBOT soybeans did put some spillover pressure on canola, according to participants. The record-large US soybean crop, relatively favourable South American crop conditions, and bearish technical signals also served to keep canola range-bound overall.
About 2,800 canola contracts had traded as of 8:54 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 8:54 CDT:
