By Phil Franz-Warkentin, Commodity News Service Canada
March 10, 2014
Winnipeg – Canola contracts on the ICE Futures Canada platform were slightly firmer at 10:45 CDT Monday, after trading to both sides of unchanged in light, choppy activity.
While CBOT soybeans were weaker Monday morning, canola remains extremely underpriced compared to most other oilseeds and some light speculative buying interest provided support for the Canadian market, said a trader.
However, recent strength in the canola market has brought in more farmer selling, and that hedge pressure did limit the upside potential in canola.
The ongoing logistics issues slowing grain movement across the Prairies also remained a bearish influence overhanging the canola market, said participants.
The USDA releases updated supply/demand data at 11:00 CDT, and any reaction to the report in soybeans could spillover to provide some direction for canola as well, said a broker.
About 4,000 canola contracts had traded as of 10:45 CDT.
Milling wheat, durum, and barley futures were untraded after seeing some price revisions following Friday’s close.
Prices in Canadian dollars per metric ton at 10:45 CDT:
