By Phil Franz-Warkentin, Commodity News Service Canada
Feb. 5, 2014
Winnipeg – ICE Canada canola contracts were slightly higher in most months Wednesday morning, after trading to both sides of unchanged in choppy overnight activity.
Canola managed to post solid gains on Tuesday, despite confirmation of the burdensome supply situation from Statistics Canada, and some analysts said the futures were starting to look a little firmer from a chart standpoint.
Overnight advances in CBOT soyoil and Malaysian palm oil provided some spillover support for canola as well, according to participants.
On the other side, the ongoing logistics issues moving Canada’s large crops out of the Prairies continued to overhang the market. Choppiness in CBOT soybeans and favourable South American crop prospects were also putting some pressure on canola.
About 4,500 canola contracts had traded as of 8:42 CST.
Milling wheat, durum, and barley futures were all untraded and unchanged after seeing some price revisions following Tuesday’s close.
Prices in Canadian dollars per metric ton at 8:42 CST:
