By Phil Franz-Warkentin, Commodity News Service Canada
November 27, 2014
Winnipeg – ICE Canada canola contracts were bouncing around both sides of unchanged Thursday morning in very thin activity, with many participants sticking to the sidelines while US markets were closed for the Thanksgiving holiday.
Malaysian palm oil and European rapeseed futures were both a bit softer in overnight activity, which put some spillover pressure on canola. Crude oil was also down this morning.
Relatively favourable South American crop conditions and the record large US soybean crop also weighed on the Winnipeg futures.
However, solid end user demand and a lack of significant farmer selling remained supportive overall, according to participants.
While the lack of direction from the US markets was keeping activity on the cautious side early in the day, traders cautioned that the lack of liquidity could also result in some larger price swings as the session progresses.
About 700 canola contracts had traded as of 8:42 CST.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:42 CST:
