By Phil Franz-Warkentin, Commodity News Service Canada
July 23, 2014
Winnipeg – ICE Canada canola contracts were stronger Wednesday morning, seeing some follow-through buying interest after bouncing off of chart lows during Tuesday’s session.
The November canola contract set a fresh low of C$429.10 per tonne on Tuesday, but managed to recover off of its lows to settle near unchanged amid oversold price sentiment and a lack of significant farmer selling pressure.
Gains in the CBOT soy complex helped canola see a continuation of that corrective bounce Wednesday morning, according to participants.
Ongoing uncertainty over crop conditions across Western Canada continued to underpin the futures as well.
However, the upside was limited by expectations for a large US soybean crop this year. A firmer tone in the Canadian dollar and generally bearish technicals were overhanging the canola market as well.
About 5,200 canola contracts had traded as of 8:51 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged after seeing some price revisions following Tuesday’s close.
Prices in Canadian dollars per metric ton at 8:51 CDT:
