By Phil Franz-Warkentin, Commodity News Service Canada
March 11, 2014
Winnipeg – Canola contracts on the ICE Futures Canada platform were stronger at 11:12 CDT Tuesday, seeing a modest correction following Monday’s declines.
Speculative short-covering was a feature with the nearby charts starting to point higher for canola, according to participants.
Early advances in CBOT soybeans were also supportive, although the US market turned lower as the day progressed and canola was also off its highs.
Increased farmer selling, as producers take advantage of the recent strength in the cash market, also served to temper the advances, according to a trader.
The ongoing logistics issues slowing grain movement across the Prairies remained a bearish influence overhanging the canola market as well, said participants.
About 5,900 canola contracts had traded as of 11:12 CDT, in what was described as thin and directionless activity.
Milling wheat, durum, and barley futures were untraded after seeing some price revisions following Monday’s close.
Prices in Canadian dollars per metric ton at 11:12 CDT:
