By Phil Franz-Warkentin, Commodity News Service Canada
October 16, 2014
Winnipeg – Canola contracts on the ICE Futures Canada platform were holding relatively steady at midsession Thursday, although activity was thin and choppy.
Canola was said to be due for a bit of a correction after climbing sharply at Wednesday’s close, despite a downturn in CBOT soybeans. However, soybeans and soyoil are both higher on Thursday, and the US market was lending some spillover support to the Canadian futures.
Uncertainty in the outside equity, currency and energy markets, which have seen some large moves in recent days, was keeping some caution in the grains and oilseeds, according to a broker. He said the volatility in those outside markets had agricultural traders showing some unwillingness to push values too far one way or the other.
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The advancing Canadian harvest did remain a bearish influence overhanging the canola market, with most of the canola crop expected to be in the bin within the next week. Improving US harvest weather was also weighing on values.
About 11,000 canola contracts had traded as of 10:55 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 10:55 CDT:
