By Phil Franz-Warkentin, Commodity News Service Canada
November 12, 2014
Winnipeg – Canola contracts on the ICE Futures Canada platform were down at midday Wednesday, retreating from earlier advances as the CBOT soy complex also turned lower.
Canola started the day posting solid gains, as the market played ‘catch-up’ with the US soy complex that had rallied sharply on Tuesday when ICE Canada was closed for Remembrance Day. While soybeans saw some follow-through strength early Wednesday, the CBOT futures eventually turned lower and canola followed suit.
A stronger tone in the Canadian dollar contributed to the eventual weakness in canola, according to participants.
Some scale-up farmer selling was also noted, although most producers remain on the sidelines for the time being, said a broker.
About 17,000 canola contracts had traded as of 10:48 CST.
Milling wheat and durum were both untraded, but barley was higher in light activity.
Prices in Canadian dollars per metric ton at 10:48 CST:
