By Phil Franz-Warkentin, Commodity News Service Canada
March 18, 2015
Winnipeg – Canola contracts on the ICE Futures Canada platform were stronger at midday Wednesday, taking some direction from the gains in CBOT soybeans and soyoil.
Activity was thin and choppy, with participants showing some caution ahead of a much anticipated statement from the US Federal Open Market Committee (FOMC) later in the day. The Fed’s monetary policy and accompanying economic forecasts will likely lead to movement in the currency markets, which could sway the agricultural commodities as well, said a broker.
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Solid commercial demand remained a supportive factor in canola, although the broker noted that the Canadian oilseed was starting to look a bit more expensive compared to other options, which limited some of that buying interest.
The large South American soybean crop also remained a bearish influence in the background, according to participants.
About 6,000 canola contracts had traded as of 10:47 CDT. Milling wheat, durum and barley were all untraded.
Prices in Canadian dollars per metric ton at 10:47 CDT:
