By Phil Franz-Warkentin, Commodity News Service Canada
January 6, 2015
Winnipeg – ICE Canada canola contracts were narrowly mixed Tuesday morning, although the bias was higher in the most active months.
Monday’s advances were supportive from a chart standpoint, and some follow-through speculative buying interest helped underpin the futures again on Tuesday.
Gains in the CBOT soy complex, continued weakness in the Canadian dollar, and steady end user demand all contributed to the firmer tone in canola, said participants.
However, farmer selling was thought to be picking up at the highs, as cash bids improve in Western Canada. The large US soybean supply situation and relatively favourable crop conditions for soybeans in South America also put some pressure on canola values, said traders.
About 5,800 canola contracts had traded as of 8:41 CST.
Milling wheat, durum, and barley futures were all untraded and unchanged, after seeing some price adjustments following Monday’s close.
Prices in Canadian dollars per metric ton at 8:41 CST:
