By Phil Franz-Warkentin, Commodity News Service Canada
Feb. 14, 2013
Winnipeg – Canola contracts on the ICE Futures Canada platform were stronger at 10:53 CST Thursday, with solid end user demand helping the market see some independent strength.
Canola was outperforming the US soy complex to the upside at midsession. While the ‘sluggish’ soybeans were limiting the gains in canola, a broker said end user demand was coming forward to pull values above unchanged. Exporters and domestic crushers were both thought to be on the buy side, with the tightening supply situation in western Canada keeping them paying up in order to secure canola.
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Follow-through speculative buying on Wednesday’s firmer close was also supportive, according to participants.
Scale-up farmer selling did temper the advances to some extent, although farmer deliveries were said to be slowing down after they made large sales at the highs earlier in the month.
The Canadian dollar was firmer at midsession, trading just below parity with its US counterpart.
At 10:53 CST, about 10,500 canola contracts had changed hands, with spreading a feature as participants continue to roll their positions out of the front month.
Milling wheat, durum, and barley futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:53 CST:
