By Phil Franz-Warkentin, Commodity News Service Canada
May 22, 2014
Winnipeg – Canola contracts on the ICE Futures Canada platform were holding onto small gains at 10:46 CDT Thursday, after trading to both sides of unchanged in narrow, range-bound activity.
Gains in the CBOT soy complex did provide some spillover support, but canola was lagging the US market to the upside. “Whoever was buying canola and selling soybeans is now selling canola and buying beans,” said a Winnipeg-based broker accounting for the relative weakness in the Canadian market.
Aside from the speculative money flows, activity in canola was on the quiet side, according to participants. Planting delays in parts of Manitoba were providing some underlying support, but weather forecasts in the province are improving and producers in Alberta and Saskatchewan have already made good seeding progress, said a broker.
About 9,500 canola contracts had traded as of 10:46 CDT, with the July/November spread a feature of the activity.
Milling wheat, durum, and barley futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:46 CDT:
