By Phil Franz-Warkentin, Commodity News Service Canada
April 3, 2013
Winnipeg – Canola contracts on the ICE Futures Canada platform were weaker at 10:43 CDT Wednesday, as losses in CBOT soybeans spilled over to weigh on values. Bearish technicals and a slow-down in end user demand contributed to the weaker tone, according to participants.
The larger-than-expected US soybean supplies in last week’s USDA stocks report remained a bearish factor overhanging the oilseeds markets, including canola, according to a trader. The advancing South American harvest put pressure on values as well.
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Speculators were some of the noted sellers in the Winnipeg market, as canola traded near the low end of its recent trading range. A lack of significant end user demand contributed to the declines, according to participants.
However, a slow-down in farmer selling on the other side did help temper the declines in canola. Mounting concerns over possible planting delays in western Canada, as much of the canola growing region remains snow-covered, provided some support as well, said traders.
At 10:43 CDT, about 9,600 canola contracts had changed hands, with the May/July spread accounting for the bulk of the activity. Participants were said to be rolling out of the front month.
Milling wheat, durum, and barley futures were untraded and unchanged. >TB
Prices in Canadian dollars per metric ton at 10:43 CDT:
