By Phil Franz-Warkentin, Commodity News Service Canada
September 15, 2014
Winnipeg – Canola contracts on the ICE Futures Canada platform were holding onto small gains at midday Monday, taking some direction from the firmer tone in CBOT soybeans and soyoil.
Activity was described as “quiet”, with both buyers and sellers showing some caution, according to a broker.
“Compared to the soy situation, which is relatively clear, the canola situation is still pretty cloudy as far as what kind of crop is out there,” said a broker. He added that “traders aren’t real confident with what to do with canola right now, and there are still too many uncertainties to get aggressive either way.”
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After cold and wet conditions caused harvest delays across much of Western Canada during the previous week, the forecasts are once again looking more favourable. Traders will be watching yield reports closely as the harvest advances.
Bearish technical signals did temper the advances, with the charts still pointing lower overall, according to analysts.
About 6,500 canola contracts had traded as of 10:55 CDT.
Milling wheat, durum, and barley futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:55 CDT:
