By Terryn Shiells, Commodity News Service Canada
January 9, 2014
WINNIPEG – Canola contracts on the ICE Futures Canada platform were firmer at 10:45 CST Thursday, rebounding after the sharp declines seen during the past two trading sessions.
Short covering ahead of the USDA crop report on Friday, January 10, helped to generate some of the upward price action, analysts said.
Further support came from some end-user buying interest, which was sparked by the sharp downswing in the value of the Canadian dollar seen this week.
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Spillover support from the firmness in the Chicago soybean complex added to the bullish tone, as did continued ideas that canola is underpriced compared to other oilseeds.
However, the large Canadian supply situation and logistical problems in the country helped to limit the advances, as did the bearish technical bias that remains in the market.
As of 10:45 CST Thursday, about 22,342 contracts had traded. Spreading was a feature and helped to augment the volume total, brokers said.
Milling wheat, barley and durum were untraded following slight price revisions after the close on Wednesday.
Prices in Canadian dollars per metric ton at 10:45 CST:
