By Phil Franz-Warkentin, Commodity News Service Canada
Feb. 28, 2014
Winnipeg – Canola contracts on the ICE Futures Canada platform were narrowly mixed at 10:50 CST Friday, lacking any clear direction as participants squared positions ahead of the week and month end.
A stronger tone in the Canadian dollar, which was back above 90 US cents, put some pressure on canola values, according to participants. Ideas that Thursday’s rally was overdone, with the long-range technical trend still pointed lower, also weighed on prices.
A trader noted that speculators are still holding large short positions in canola, and may be looking to push values lower still before the close to improve their month-end profits.
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The CBOT soy complex was mixed on Friday, although gains in soyoil did provide some spillover support for canola.
The ongoing logistics issues across Western Canada continue to weigh on values, but participants said those concerns have already been priced into the futures.
About 9,000 canola contracts had traded as of 10:50 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 10:50 CST:
