By Phil Franz-Warkentin, Commodity News Service Canada
January 5, 2015
Winnipeg – ICE Canada canola contracts were stronger Monday morning, taking some direction from the advances in CBOT soybeans.
Solid end user demand, a weaker tone in the Canadian dollar, and supportive technical signals all contributed to the early gains in canola as well, according to participants.
However, the upside was limited by light farmer selling, as some producers had been waiting for the new calendar year to make sales.
Large US soybean supplies and relatively favourable crop conditions for soybeans in South America also put some pressure on canola values, said traders.
About 4,000 canola contracts had traded as of 8:42 CST.
Milling wheat, durum, and barley futures were all untraded and unchanged, after wheat saw some price adjustments following Friday’s close.
Prices in Canadian dollars per metric ton at 8:42 CST:
