By Phil Franz-Warkentin, Commodity News Service Canada
February 27, 2015
Winnipeg – Canola contracts on the ICE Futures Canada platform were stronger at midday Friday, as a rally in CBOT soyoil provided some spillover support.
The sharp gains in soyoil were beneficial for crush margins, and the resulting commercial buying interest was a feature in canola, according to a broker.
Some light speculative buying interest was also noted, although a trader said canola was running into some resistance from a chart standpoint.
Scale-up farmer selling helped to temper the advances, according to participants. However, a trader noted that many growers were still bullish on the market and keeping to the sidelines.
The large South American soybean crop overhanging the global oilseed markets was also a bearish influence.
About 17,000 canola contracts had traded as of 10:51 CST.
Milling wheat, durum and barley were all untraded.
Prices in Canadian dollars per metric ton at 10:51 CST:
