By Phil Franz-Warkentin, Commodity News Service Canada
March 14, 2014
Winnipeg – Canola contracts on the ICE Futures Canada platform were stronger at 10:53 CDT Friday, as light speculative buying interest helped underpin the market.
Commercial demand was also said to be providing some support, as the ongoing logistics problems in Western Canada start to show signs of clearing up, according to participants.
A weaker tone in the Canadian dollar and a lack of significant farmer selling were also supportive.
However, declines in the CBOT soy complex did serve to temper the upside potential in canola. Traders also cautioned that a repeat of Thursday’s activity was a possibility, when canola posted large gains for most of the session before dropping off those highs in the final minutes.
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Grain and oilseed traders were also following the news out of Ukraine closely, with the uncertainty in that part of the world keeping some caution in the markets ahead of the weekend vote in Crimea.
About 6,000 canola contracts had traded as of 10:53 CDT.
Milling wheat, durum, and barley futures were untraded after seeing some price revisions following Thursday’s close.
Prices in Canadian dollars per metric ton at 10:53 CDT:
