By Phil Franz-Warkentin, Commodity News Service Canada
October 30, 2014
Winnipeg – ICE Canada canola contracts were posting losses in most months Thursday morning, as the market was due for a bit of a profit-taking correction after posting large gains in recent sessions.
Losses in the CBOT soy complex put some spillover pressure on canola as well, as the US market also backed off from yesterday’s rally.
An increase in farmer selling, as producers take advantage of the recent strength in the market, contributed to the declines, said participants.
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The advancing US soybean harvest and improving weather conditions for soybeans in Brazil were also said to be putting some pressure on values.
On the other side, the nearby technical bias has shifted higher for canola, making any losses a good buying opportunity. Solid end-user demand and a slightly weaker tone in the Canadian dollar were also supportive.
About 6,500 canola contracts had traded as of 8:56 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged, after seeing some price revisions following Wednesday’s close.
Prices in Canadian dollars per metric ton at 8:56 CDT:
