By Phil Franz-Warkentin, Commodity News Service Canada
April 28, 2014
Winnipeg – ICE Canada canola contracts were stronger Monday morning, seeing some follow-through buying interest after Friday’s gains.
Canola jumped sharply higher ahead of the weekend, shifting the nearby technical bias higher, according to participants accounting for some of the overnight buying interest. End user buying interest was also thought to be underpinning the futures, as canola remains relatively cheap in the international market.
Spillover from the advances in the CBOT soy complex provided some further support, said traders.
On the other side, farmer selling did temper advances to some extent. Canada’s burdensome supply situation and the ongoing expectations for another big crop this summer were overhanging the market as well.
About 3,000 canola contracts had traded as of 8:47 CDT.
Milling wheat, durum, and barley futures were all untraded after seeing some price revisions following Friday’s close.
Prices in Canadian dollars per metric ton at 8:47 CDT:
