By Phil Franz-Warkentin, Commodity News Service Canada
March 3, 2014
Winnipeg – ICE Canada canola contracts were stronger Monday morning, as gains in most outside oilseed markets spilled over to provide support.
The unrest in Ukraine, with Russian troops now controlling Crimea and the threat of violence overhanging the politically unstable region, was driving grain and oilseed prices higher on Monday, said traders. There is a concern that shipping disruptions in the Black Sea will slow exports from the region.
CBOT soybeans and soyoil, European rapeseed, and Malaysian palm oil were all higher in overnight activity, which helped underpin the Canadian market as well, according to participants.
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However, Canada’s record large crop and the ongoing logistics issues across the Prairies did remain a bearish influence tempering the advances in canola. The longer term technicals are also still said to be pointed lower, making any advances a good selling opportunity from a chart standpoint.
About 7,500 canola contracts had traded as of 8:52 CST.
Milling wheat, durum, and barley futures were all untraded and unchanged after wheat saw some price adjustments following Friday’s close.
Prices in Canadian dollars per metric ton at 8:52 CST:
