By Phil Franz-Warkentin, Commodity News Service Canada
April 7, 2014
Winnipeg – Canola contracts on the ICE Futures Canada platform were stronger at 10:57 CDT Monday, correcting from Friday’s declines as the market held well within its recent trading range.
The May canola contract has traded within a ten dollar range between roughly C$450 and C$460 per tonne for the past two weeks. The market was retesting the top end of that range, on the back of some chart-based speculative buying interest and solid end user demand.
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Commercial demand was reported to be showing signs of picking up, as canola remains cheap compared to most other oilseeds.
However, scale-up farmer selling, as producers look to make some sales ahead of spring seeding, did temper the upside potential.
The CBOT soy complex was also lower at midsession, which could pull canola down as well before the close.
About 10,000 canola contracts had traded as of 10:57 CDT, with intermonth spreading a feature.
Milling wheat, durum, and barley futures were untraded and unchanged after seeing some price revisions following Friday’s close.
Prices in Canadian dollars per metric ton at 10:57 CDT:
