By Phil Franz-Warkentin, Commodity News Service Canada
April 9, 2013
Winnipeg – ICE Canada canola contracts were steady to weaker Tuesday morning, seeing a correction from Monday’s gains in very thin volumes.
The USDA releases updated supply/demand tables on Wednesday, and some positioning on both sides of the border is expected to be a feature today. The CBOT soy complex was narrowly mixed in early activity, providing little direction for canola. Malaysian palm oil and European rapeseed futures were both softer in overnight activity.
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South American harvest pressure, bird flu concerns in China, and the slightly firmer Canadian dollar were all weighing on canola as well, according to participants. The overall technical trend is also said to be still pointing lower, despite Monday’s bounce.
Ongoing concerns over the late spring in western Canada, and the likely delays to planting this year’s crop, underpinned the canola market, according to traders. A lack of farmer selling and steady end user demand remained supportive as well.
About 650 canola contracts had traded as of 8:45 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged Tuesday morning.
Prices in Canadian dollars per metric ton at 8:45 CDT:
