By Dave Sims, Commodity News Service Canada
WINNIPEG, February 10 – Canola contracts on the ICE Futures Canada platform were higher at 10:43 CST on Friday, due to speculative buying.
Traders were rolling out of the March contract and into May, as evidenced by both the volume and open interest.
“Speculators don’t want to be in the spot month,” noted a farmer and trader in Winnipeg. He added the swap was somewhat premature as it typically happens in the middle of the month.
Gains in Chicago Board of Trade soybeans and European rapeseed futures were higher, which bolstered canola.
However, losses in CBOT soyoil and Malaysian palm oil futures were bearish for the market.
Crush values had dropped about five or six dollars in early trading, according to the trader.
The Canadian dollar was stronger compared to its US counterpart, which made canola less enticing to out-of-country buyers.
About 38,000 canola contracts had traded as of 10:43 CST.
Milling wheat, barley and durum were all untraded.
Prices in Canadian dollars per metric ton at 10:43 CST:
