By Terryn Shiells, Commodity News Service Canada
WINNIPEG, Feb. 21 – Canola contracts on the ICE Futures Canada platform were up slightly amid quiet, subdued trading at 10:49 CST Friday.
Activity was on the quiet side ahead of the weekend as traders were waiting to see what happens in the US markets. Things were also subdued as “everybody is watching the Olympics,” one broker said.
Some continued short covering was helping to support the market, as was spillover from the gains seen in the Chicago soy complex.
The sharp downswing in the value of the Canadian dollar added to the bullish tone, as it improved crush margins.
But, end users continue to be reluctant buyers because of the backlog within Canada’s grain handling system.
A pickup in farmer selling and some profit taking following a recent rally were also bearish and limited the gains.
As of 10:40 CST Friday, about 13,205 contracts had traded.
Milling wheat, barley and durum were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:40 CST:
