By Dwayne Klassen, Commodity News Service Canada
May 23, 2013
Winnipeg – Canola contracts on the ICE Futures Canada platform were trading at mostly lower price levels at 10:32 CDT Thursday with only the nearby July future experiencing any kind of upward push. Tight old crop supply concerns helped the nearby contract while the taking of profits after Wednesday’s sharp gains accounted for some of the downward price action, market watchers said.
The absence of farmer deliveries of canola into the cash pipeline, as they continue to concentrate on seeding operations across much of the Canadian prairies, helped to influence the upward price momentum in the July future, brokers said.
Read Also
ICE Midday: Canola retreats further into the red
Glacier FarmMedia | MarketsFarm – Canola futures on the Intercontinental Exchange remained lower in the middle of trading on Tuesday…
Weakness in the deferred contracts was also associated in part to the upswing in the value of the Canadian dollar and to the advancing seeding activities in western Canada. Some sentiment that new crop values were overbought, also helped to generate some price weakness.
Reduced demand from the commercial sector for new crop canola also weighed on values.
The declines experienced in new crop soybean and soyoil values also was viewed as an undermining price influence.
As of 10:32 CDT, about 7,360 canola contracts had traded.
Milling wheat, durum and barley contracts were unchanged and untraded.
Prices in Canadian dollars per metric ton at 10:35 CDT:
