By Terryn Shiells, Commodity News Service Canada
WINNIPEG, Oct. 23 – Canola futures in the ICE Canada trading platform were slightly higher amid choppy activity at midsession Thursday. Funds covered large short positions on Wednesday, and were pausing, waiting to decide what direction to move in, according to analysts.
Some spillover support came from strength in the CBOT soy complex, as well as upward movement in outside equity markets, brokers added.
A steady tone in the Canadian currency and a lack of aggressive buying and selling in the market were keeping prices in a narrow range.
Some downward pressure came from ideas that Canadian canola production will be larger than earlier expectations.
Light farmer selling and ideas that Wednesday’s advances were overdone were also bearish.
As of 10:35 CDT Thursday, about 14,200 contracts had traded.
Milling wheat, durum and barley futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:35 CDT:
