By Phil Franz-Warkentin, Commodity News Service Canada
October 14, 2014
Winnipeg – Canola contracts on the ICE Futures Canada platform were stronger at midday Tuesday, playing “catch-up” with CBOT soybeans that had rallied Monday when Canadian markets were closed for Thanksgiving.
A weaker tone in the Canadian dollar was also supportive for canola, according to a broker. The November contract was back above the psychological C$400 per tonne level, which was bullish from a chart standpoint.
CBOT soybeans saw some follow-through strength on Tuesday, but the US market was moving off its highs, which did temper the upside potential in canola. CBOT soyoil was moving lower as well.
Weather conditions across Western Canada remain relatively favourable for harvest operations and farmer selling is starting to pick up, according to participants.
About 22,000 canola contracts had traded as of 10:42 CDT, with the November/January spread a feature of the activity as participants roll their positions out of the front month.
Milling wheat, durum, and barley futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:42 CDT:
