By Phil Franz-Warkentin, Commodity News Service Canada
April 7, 2014
Winnipeg – Canola contracts on the ICE Futures Canada platform were stronger at 10:44 CDT Tuesday, recovering from overnight declines as the nearby charts point higher.
“The charts are turning a little more friendly,” said a canola broker accounting for the speculative buying interest propping up the futures.
While farmer selling did slow the advances to some extent, the broker said many producers were “still sitting on their hands” and were only making sales on a scale-up basis.
Gains in CBOT soybeans were providing some support for canola, although soyoil was weaker and canola was outpacing soybeans to the upside.
A stronger tone in the Canadian dollar put some pressure on canola as well.
About 14,000 canola contracts had traded as of 10:44 CDT, with intermonth spreading a feature.
Milling wheat, durum, and barley futures were untraded and unchanged after seeing some price revisions following Monday’s close.
Prices in Canadian dollars per metric ton at 10:44 CDT:
