By Phil Franz-Warkentin, Commodity News Service Canada
March 26, 2014
Winnipeg – Canola contracts on the ICE Futures Canada platform were stronger at 10:44 CDT Wednesday, as speculative buying interest provided some support.
Ideas that the losses posted late last week were overdone kept fund traders on the buy side in canola, according to a broker who said the nearby technicals were pointing higher.
Routine end user demand was also supportive, with canola still looking cheap compared to most other oilseeds, said participants.
However, the gains were tempered by farmer selling, as producers who failed to capitalize on the last run up in canola prices are now looking to generate some cash flow ahead of spring planting.
Losses in CBOT soyoil also weighed on canola, although soybeans were holding relatively steady.
About 7,500 canola contracts had traded as of 10:44 CDT in relatively quiet activity.
Milling wheat, durum, and barley futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:44 CDT:
