By Jade Markus, Commodity News Service Canada
WINNIPEG, February 22 – ICE Canada canola contracts were higher at midday on Monday, supported by strength in Chicago Board of Trade soy contracts.
Gains in CBOT soybeans and soy oil provided psychological support, according to one Winnipeg-based trader.
Spread activity was a feature on Monday, the trader added, making up about 95 per cent of volumes, as commercial and commission house traders roll positions out of the market.
“Very active spread here today, and it’s been all over the place—some fireworks to say the least.”
Farmer selling is limited, as some basis levels have firmed up across the Prairies, while others have widened.
“Mixed tone as far as the signals to the growers,” the trader said.
The Canadian dollar had strengthened against its US counterpart at midday on Monday, which limited canola’s gains.
Malaysian palm oil closed stronger.
About 21,446 canola contracts had traded as of 10:50 CST.
Milling wheat, durum, and barley futures were all untraded and
unchanged.
Prices in Canadian dollars per metric tonne at 10:50 CST:
