By Phil Franz-Warkentin, Commodity News Service Canada
July 17, 2014
Winnipeg – Canola contracts on the ICE Futures Canada platform traded to both sides of unchanged on Thursday, but were holding onto gains by 10:48 CDT as production uncertainty continued to provide some support.
“We’re just going back and forth here,” said one analyst, adding that a lack of significant selling pressure likely accounted for some of the eventual strength.
Uncertainty over the size of this year’s canola crop and over how much will be carried over from 2013, continued to provide some support, according to participants.
CBOT soybeans were also holding onto small gains, but expectations for a record large US soy crop did temper the advances in the oilseeds in general.
The technical outlook remains bearish for canola, making any gains a good selling opportunity for speculators.
About 8,000 canola contracts had traded as of 10:48 CDT.
Milling wheat, durum, and barley futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:48 CDT:
