By Phil Franz-Warkentin, Commodity News Service Canada
Feb. 24, 2014
Winnipeg – ICE Canada canola contracts were stronger Monday morning, seeing some follow-through buying on Friday’s firmer close.
Advances in CBOT soybeans in overnight activity provided some spillover support for canola as well. Ideas that canola remains undervalued compared to most other oilseeds were also supportive.
However, CBOT soyoil, Malaysian palm oil, and European rapeseed futures were all softer, which tempered the upside potential in canola.
The long range technical bias is still pointed lower from a chart perspective. Canada’s record large canola crop and the ongoing logistics issues across the Prairies remained a bearish influence overhanging the market as well.
About 7,000 canola contracts had traded as of 8:54 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 8:54 CST:
