By Phil Franz-Warkentin, Commodity News Service Canada
March 27, 2014
Winnipeg – Canola contracts on the ICE Futures Canada platform were stronger at 11:00 CDT Thursday, seeing a continuation of the corrective bounce that has underpinned prices for most of the past week.
In addition to the chart-based speculative buying interest, commercial end users were also thought to be on the buy side, according to participants.
“Somebody wants canola,” said a trader, adding that improvements on the logistics side and the fact that spring will eventually come to the Prairies were likely generating some of the demand.
The gains in canola came despite a softer tone in the CBOT soy complex. Scale-up farmer hedges, as producers take advantage of the rising prices to make some sales, also tempered the gains.
About 8,600 canola contracts had traded as of 11:00 CDT, with intermonth spreading a feature.
Milling wheat, durum, and barley futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 11:00 CDT:
