By Phil Franz-Warkentin, Commodity News Service Canada
May 8, 2014
Winnipeg – Canola contracts on the ICE Futures Canada platform were up at 10:53 CDT Thursday, taking some direction from the gains in CBOT soybeans.
Chart-based buying contributed to the gains, with much of the activity linked to adjustments to the old/new crop spreads, according to participants. End users were also on the buy side, as canola remains attractively priced compared to most other oilseeds.
The lateness of spring seeding across much of Western Canada was also said to be providing some underlying support for canola, although a trader pointed out that seeding was also late in 2013 when farmers ended up with record yields.
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A firmer tone in the Canadian dollar helped temper the gains in canola. Canada’s large old crop supply situation, farmer hedges, and technical resistance to the upside also weighed on prices, according to traders.
Only around 3,900 canola contracts had traded as of 10:53 CDT.
Milling wheat, durum, and barley futures were untraded and unchanged after seeing some price revisions following Wednesday’s close.
Prices in Canadian dollars per metric ton at 10:53 CDT:
