By Phil Franz-Warkentin, Commodity News Service Canada
March 24, 2014
Winnipeg – Canola contracts on the ICE Futures Canada platform were stronger at 11:05 CDT Monday, taking some direction from the gains in CBOT soybeans.
Ideas that the sharp sell-off seen last week was overdone contributed to the gains in canola, with some speculative buying said to be coming forward.
The recent weakness also sent many farmers back to the sidelines, after having made some sales earlier in the month when canola prices were moving higher, said participants.
Steady commercial demand remained helped underpin the futures as well, although the ongoing logistics issues across Western Canada did continue to overhang the market.
About 12,000 canola contracts had traded as of 11:05 CDT. Activity was described as choppy and two-sided, with the lack of significant market moving signals leaving canola open to wider price swings before the close.
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 11:05 CDT:
