By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Nov. 17 (CNS Canada) – Canola contracts on the ICE Futures Canada platform were stronger at midday Thursday, as the market continued to find some independent strength despite losses in the Chicago Board of Trade soy complex.
“Somebody’s buying,” said a Winnipeg broker. He was unsure just who that somebody was, but thought speculators selling soybeans and buying canola were a possibility, while export demand and a lack of significant selling pressure were likely supportive as well.
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In addition, the actual size of Canada’s canola crop remains questionable, with traders unsure just how much will be left unharvested due to adverse weather this fall, said the broker.
Losses in the CBOT soy complex and a firmer tone in the Canadian dollar limited the upside potential in canola.
Crush margins are still relatively strong, but they have lost over C$20 per tonne over the past week, which may be limiting some domestic processor demand.
About 10,000 canola contracts had traded as of 10:53 CST.
Milling wheat, durum, and barley futures were all untraded and unchanged.
