By Phil Franz-Warkentin, Commodity News Service Canada
March 9, 2015
Winnipeg – ICE Canada canola contracts were stronger Monday morning, seeing a modest corrective bounce to start the week after posting large losses the previous week.
Speculators were behind most of the buying interest, with some steady commercial demand also coming forward.
A firmer tone in CBOT soybeans provided spillover support for canola, according to participants, although soyoil was holding near unchanged.
The Canadian dollar was slightly stronger relative to its US counterpart, which tempered the upside potential in canola.
The large South American soybean crop prospects and bearish technical signals also put some pressure on the lightly traded canola market.
About 1,500 canola contracts had traded as of 8:48 CDT.
Milling wheat, durum, and barley futures were all untraded after seeing some price revisions following Friday’s close.
Prices in Canadian dollars per metric ton at 8:48 CDT:
