By Phil Franz-Warkentin, Commodity News Service Canada
March 18, 2014
Winnipeg – ICE Canada canola contracts were higher Tuesday morning, taking some direction from the gains in CBOT soybeans.
Canola traded to both sides of unchanged in choppy overnight activity, but the nearby technical outlook has shifted higher making any earlier declines a good buying opportunity, said participants.
Talk that the logistics issues slowing movement across Western Canada were starting to show signs of improvement helped underpin the futures as well, with some commercial demand said to be coming forward.
However, the recent strength has also uncovered more farmer selling, which tempered the gains. Overnight losses in Malaysian palm oil and European rapeseed futures put some pressure on the Canadian market as well.
About 5,400 canola contracts had traded as of 8:44 CDT.
Milling wheat, durum, and barley futures were all untraded after seeing some price revisions following Monday’s close.
Prices in Canadian dollars per metric ton at 8:44 CDT:
