By Phil Franz-Warkentin, Commodity News Service Canada
March 28, 2014
Winnipeg – Canola contracts on the ICE Futures Canada platform were posting small losses at 10:59 CDT Friday, seeing a modest correction ahead of the weekend after moving higher the past four sessions.
The USDA releases its quarterly stocks and prospective plantings reports on Monday, March 31, and traders were said to be reluctant to push values too far one way or the other ahead of the potentially market moving data.
Speculative and commercial buying interest on the one side was being met by farmer selling on the other side, according to participants. Canola remains cheap compared to other oilseeds, but the large supply situation in Western Canada is also limiting the upside potential.
The CBOT soy complex was mixed on Friday, providing little direction for canola.
About 12,700 canola contracts had traded as of 10:59 CDT, with intermonth spreading a feature.
Milling wheat, durum, and barley futures were untraded and unchanged after seeing some price revisions following Thursday’s close.
Prices in Canadian dollars per metric ton at 10:59 CDT:
