By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, April 14 (CNS Canada) – Canola contracts on the ICE Futures Canada platform were bouncing around both sides of unchanged on Thursday, but the bias was higher in the most active months at midsession.
While Chicago Board of Trade soybeans were down at midday, the US market has posted solid gains over the past week and canola was looking a little underpriced after lagging to the upside, said a trader.
A softer tone in the Canadian dollar, a lack of significant farmer selling, steady end-user demand, and declining ending stocks projections from Agriculture and Agri-Food Canada all underpinned canola as well.
However, canola was hard pressed to move much above unchanged on Thursday, with prices hovering around the 200 day moving average.
About 17,500 canola contracts had traded as of 10:53 CDT. The May/July spread was a feature of the activity, accounting for a large portion of the volumes.
Milling wheat, durum, and barley futures were all untraded.
