By Phil Franz-Warkentin, Commodity News Service Canada
April 2, 2014
Winnipeg – ICE Canada canola contracts were higher Wednesday morning, seeing some follow-through buying interest on Tuesday’s advances.
Gains in CBOT soyoil, Malaysian palm oil and European rapeseed futures provided some spillover support for the Canadian market, according to participants, especially as canola is still thought to be cheap compared to most other oilseeds.
The technical bias was said to be shifting higher in canola once again, although the market ran into upside resistance at Tuesday’s highs.
Scale-up farmer selling and the large supply situation in Western Canada tempered the gains in canola as well, according to traders.
About 3,500 canola contracts had traded as of 8:51 CDT.
Milling wheat, durum, and barley futures were all untraded after seeing some price revisions following Thursday’s close.
Prices in Canadian dollars per metric ton at 8:51 CDT:
Price Change
Canola May 460.50 up 4.30
Jul 470.40 up 4.30
Nov 485.70 up 4.00
Milling Wheat May 220.00 unch
Jul 217.00 unch
Durum May 250.00 unch
Jul 250.00 unch
Barley May 130.50 unch
Jul 128.50 unch
