By Phil Franz-Warkentin, Commodity News Service Canada
May 5, 2015
Winnipeg – ICE Canada canola contracts were narrowly mixed Tuesday morning, as the market saw some consolidation following Monday’s rally.
The nearby technical bias has shifted to the upside, according to analysts accounting for some of the continued buying interest.
A firmer tone in the CBOT soy complex also provided some spillover support for canola.
A lack of significant farmer selling, as producers concentrate on spring seeding, also helped underpin the canola market, according to participants.
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However, ideas that yesterday’s rally was overdone did limit the upside to some extent, and the most active July contract was posting small losses. The relatively favourable North American crop conditions were also cited as a bearish influence.
Statistics Canada releases data on Canadian grain stocks, as of March 31, on Wednesday, and positioning ahead of the report was expected to account for some of the activity on Tuesday.
About 4,000 canola contracts had traded as of 8:52 CDT.
Milling wheat, durum, and barley futures were all untraded after seeing some price revisions following Monday’s close.
Prices in Canadian dollars per metric ton at 8:52 CDT:
