By Phil Franz-Warkentin, Commodity News Service Canada
Feb. 24, 2014
Winnipeg – Canola contracts on the ICE Futures Canada platform were stronger at 10:51 CST Monday, with gains in CBOT soybeans and soymeal accounting for some of the spillover buying interest.
CBOT soymeal was posting large gains amid concerns over tightening supplies in the US and political issues in Argentina – the world’s largest soymeal supplier. While soyoil was a little softer, canola was taking more direction from meal on Monday, said a broker.
Oversold price sentiment remained supportive for canola as well, according to participants.
However, the ongoing logistics issues across Western Canada remain a bearish influence overhanging the futures. A firmer tone in the Canadian dollar also helped temper the gains in canola.
About 11,000 canola contracts had traded as of 10:50 CST.
Milling wheat, durum, and barley futures were untraded after seeing some price revisions following Friday’s close.
Prices in Canadian dollars per metric ton at 10:51 CST:
