By Phil Franz-Warkentin, Commodity News Service Canada
February 23, 2015
Winnipeg – ICE Canada canola contracts were stronger Monday morning, as gains in CBOT soybeans and a weaker tone in the Canadian dollar provided some support.
Speculators were noted buyers, as canola hit fresh seven-month highs. Solid end user demand from both exporters and domestic crushers was also supportive.
On the other side, scale-up farmer selling did put some pressure on values, according to participants.
The large South American soybean crop, overnight losses in Malaysian palm oil, and ideas that canola is starting to look overbought from a chart standpoint also helped temper the gains.
About 5,500 canola contracts had traded as of 8:43 CST.
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 8:43 CST:
