By Phil Franz-Warkentin, Commodity News Service Canada
December 23, 2014
Winnipeg – Canola contracts on the ICE Futures Canada platform were stronger at midday Tuesday, although activity was on the quiet side as participants squared positions ahead of the Christmas holiday.
Gains in the CBOT soy complex, bullish technical signals, and the continued lack of significant farmer selling all provided underlying support for canola.
Exporters and domestic crushers both continue to show good demand for canola, which added to the firmer tone, according to a broker. Chart-based buying was another feature, as the futures tested the upper edge of their recent trading range.
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The relatively favourable South American crop prospects, large US soybean stocks, and ideas that canola may be starting to look a little overbought did slow the advances to some extent.
Canadian markets will be closed on December 25 and 26 for Christmas and Boxing Day, and will close early on December 24. The resulting lack of liquidity could lead to some choppiness in the futures.
About 12,000 canola contracts had traded as of 10:47 CST.
Milling wheat, durum, and barley were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:47 CST:
