By Phil Franz-Warkentin, Commodity News Service Canada
Feb. 14, 2014
Winnipeg – Canola contracts on the ICE Futures Canada platform were stronger at 10:51 CST Friday, seeing a bit of a correction after dropping to contract lows over the past week.
The nearby March contract was attempting to move back above the psychological C$400 per tonne level, as speculators took some profits on the large short positions they’ve put on recently. Canadian and US markets will be closed Monday, and positioning ahead of the long weekend was a feature.
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Canola remains very cheap compared to most other oilseeds, and the oversold price sentiment helped underpin the futures as well, according to participants.
However, the ongoing logistics issues across Western Canada continue to limit the ability of end users to actually take delivery of canola.
A softer tone in CBOT soybeans and soyoil also served to temper the corrective bounce in canola.
About 29,000 canola contracts had traded as of 10:51 CST, with inter-month spreading a feature.
Milling wheat, durum, and barley futures were untraded after seeing some price revisions following Thursday’s close.
Prices in Canadian dollars per metric ton at 10:51 CST:
