By Phil Franz-Warkentin, Commodity News Service Canada
April 22, 2015
Winnipeg – Canola contracts on the ICE Futures Canada platform were bouncing around both sides of unchanged at midday Wednesday, lacking any clear direction as participants were squaring positions ahead of Thursday’s Statistics Canada planting intentions report.
Most industry participants are only anticipating small acreage adjustments for canola, with pre-report estimates generally ranging within a million acres one way or the other compared to the 20.3 million acres seeded to the crop in 2014.
While the trade will quickly downplay the acreage number, given the timing of the survey in late March, the possibility of a surprise was still enough to keep fund traders “sitting on their hands,” according to a broker.
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Losses in the CBOT soy complex and a firmer tone in the Canadian dollar were both bearish for canola, putting some pressure on values, according to participants.
About 13,000 canola contracts had traded as of 10:46 CDT. The May/July spread was a feature of the activity as participants continue to roll out of the front month.
Milling wheat, durum and barley were all untraded after seeing some price adjustments following Tuesday’s close.
Prices in Canadian dollars per metric ton at 10:46 CDT:
