By Phil Franz-Warkentin, Commodity News Service Canada
Jan. 3, 2014
Winnipeg – Canola contracts on the ICE Futures Canada platform were stronger at 10:56 CST Friday, seeing a bit of a correction following Thursday’s losses.
Crush margins remain historically strong, which is keeping the domestic processors on the buy side, according to a trader. Early advances in CBOT soybeans were also said to be providing some spillover support for the Canadian futures.
However, soyoil was lower and soybeans were well off their early highs by midsession. The firmer tone in the Canadian dollar was also bearish for canola.
While oversold price sentiment is somewhat supportive, the general downtrend remains in place for canola. As a result, any gains were being seen as good selling opportunities which kept canola off its highs as well, according to traders.
About 8,000 canola contracts had traded as of 10:56 CST.
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 10:56 CST:
