By Phil Franz-Warkentin, Commodity News Service Canada
October 17, 2014
Winnipeg – Canola contracts on the ICE Futures Canada platform were slightly weaker in most months at midsession Friday, although activity was choppy and values were well off their lows.
After posting gains for most of the past week, canola was due for a bit of a correction ahead of the weekend, according to participants. Losses in CBOT soybeans and soyoil put some spillover pressure on the Canadian market as well.
The Canadian harvest is nearing completion, which was also bearish for prices. However, farmer selling remains subdued, according to participants.
In addition to that lack of farmer selling, the losses in canola were also tempered by improving technical signals and the ongoing weakness in the Canadian dollar.
About 14,000 canola contracts had traded as of 10:53 CDT, with the November/January spread a feature of the activity as participants roll their positions out of the front month.
Milling wheat, durum, and barley futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:53 CDT:
