By Phil Franz-Warkentin, Commodity News Service Canada
November 4, 2013
Winnipeg – ICE Canada canola contracts were stronger Monday morning, seeing a modest correction following Friday’s lower close.
Gains in CBOT soybeans accounted for some spillover buying interest in canola, as traders on both sides of the border adjust their positions ahead of Friday’s USDA supply/demand report, said participants. However, soyoil was a little softer in overnight activity.
Steady end user demand and a lack of significant farmer selling remained supportive as well, according to traders.
Canola does remain rangebound from a technical standpoint, and is unlikely to break out of that range without a bigger outside jolt, said analysts.
The Canadian dollar was slightly firmer Monday morning, which also tempered the upside potential in canola.
About 2,000 canola contracts had traded as of 8:44 CST.
Milling wheat, durum, and barley futures were all untraded, although wheat did see some price adjustments following Friday’s close.
Prices in Canadian dollars per metric ton at 8:44 CST:
