By Phil Franz-Warkentin, Commodity News Service Canada
October 15, 2014
Winnipeg – Canola contracts on the ICE Futures Canada platform were chopping around both sides of unchanged on Wednesday, seeing some consolidation following Tuesday’s rally. Most months were within fifty cents of unchanged at midsession.
CBOT soybeans were also chopping around within a narrow range, but soyoil was lower. The record large US crop prospects remain a bearish influence overhanging the oilseeds in general.
Favourable harvest weather across most of Western Canada, and increasing farmer selling did put some pressure on the canola market, according to participants.
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On the other side, recent weakness in the Canadian dollar was somewhat supportive for canola. The nearby technical bias has also shifted higher, accounting for some speculative short-covering, according to analysts.
About 12,000 canola contracts had traded as of 10:49 CDT, with the November/January spread a feature of the activity as participants roll their positions out of the front month.
Milling wheat and durum futures were untraded and unchanged. The December barley contract was slightly stronger after seeing 25 contracts trade.
Prices in Canadian dollars per metric ton at 10:49 CDT:
