By Phil Franz-Warkentin, Commodity News Service Canada
Feb. 27, 2014
Winnipeg – Canola contracts on the ICE Futures Canada platform were stronger at 10:46 CST Thursday, taking some direction from a rally in CBOT soybeans.
Solid export demand for US soybeans helped pull that market higher, and canola managed to see some spillover buying interest as well, said a broker.
Speculative short-covering contributed to the gains in canola, as the Canadian oilseed remains oversold from a chart standpoint. However, the longer-term trend is still pointed lower, which made any gains a good selling opportunity.
Farmer selling also tempered the advances, according to a broker. Although actual country movement remained slow given the ongoing logistics issues across Western Canada.
About 17,000 canola contracts had traded as of 10:46 CST, with intermonth spreading a feature.
Milling wheat, durum, and barley futures were untraded after seeing some price revisions following Wednesday’s close.
Prices in Canadian dollars per metric ton at 10:46 CST:
