By Phil Franz-Warkentin, Commodity News Service Canada
April 14, 2014
Winnipeg – ICE Canada canola contracts were stronger Monday morning, seeing a bit of a correction following Friday’s sharp declines.
Chart-support was said to be holding to the downside, which encouraged some technical related buying interest.
Gains in most outside oilseed markets, including the CBOT soy complex, Malaysian palm oil and European rapeseed, provided some spillover support for canola, especially as the Canadian oilseed remains cheap compared to those other markets.
On the other side, the burdensome supply situation in Western Canada and ongoing expectations for another big crop this summer tempered the upside potential.
Uncertainty over Chinese demand for oilseeds going forward, after the country cancelled some US soybean purchases last week, was also overhanging the markets.
About 2,300 canola contracts had traded as of 8:43 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 8:43 CDT:
