By Phil Franz-Warkentin, Commodity News Service Canada
Feb. 19, 2014
Winnipeg – ICE Canada canola contracts were holding onto small gains Wednesday morning in relatively quiet activity as the market saw some follow-through buying interest after posting large gains on Tuesday.
Ideas that the nearby technical bias was starting to turn higher contributed to the firmer tone in canola, according to traders. The Canadian dollar was also weaker Wednesday morning.
Strength in CBOT soybeans was supportive as well, although soyoil and Malaysian palm oil were both down in overnight activity.
Canada’s record large canola crop and the ongoing logistics issues across the Prairies remained a bearish influence overhanging the market.
The general technical outlook for canola is also still pointed down, which was making any advances a good selling opportunity from a chart standpoint.
About 3,000 canola contracts had traded as of 8:47 CST.
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 8:47 CST:
