By Phil Franz-Warkentin, Commodity News Service Canada
May 16, 2014
Winnipeg – ICE Canada canola contracts were down Friday morning, continuing to back away from the nearby highs hit earlier in the week.
Recent activity has shifted the technical bias lower for canola, according to analysts accounting for some of the speculative selling pressure.
The large old crop supplies still overhanging the market and improving planting weather across Western Canada contributed to the early declines in canola, according to participants.
However, canola remains cheap compared to other oilseeds, keeping some end user demand in the market. A slowdown in farmer selling, as producers turn their attention to spring seeding, and the need to keep some weather premiums in the futures were also supportive.
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About 3,700 canola contracts had traded as of 8:51 CDT.
Milling wheat, durum, and barley futures were all untraded after seeing some price revisions following Thursday’s close.
Prices in Canadian dollars per metric ton at 8:51 CDT:
