By Dwayne Klassen, Commodity News Service Canada
March 25, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform were trading in a steady to slightly firmer range at 10:39 CDT Monday morning. Activity was described as choppy with participants unsure of what kind of position to establish ahead of the March 28 prospective plantings report and the Good Friday 3-day holiday weekend, market watchers said.
Speculative fund buying helped to generate some support in the nearby months with some of that interest tied to the tight supply scenario for old crop canola, brokers said.
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The reluctance of farmers to deliver canola into the cash pipeline in western Canada further lifted the nearby months.
Some small support in canola also came from the upturn in most CBOT soybean contracts, traders said.
The upside was restricted by the upswing in the value of the Canadian dollar as well as by the declines posted in Malaysian palm oil overnight and in CBOT soyoil futures Monday.
News that Australia has sold canola to China also capped the upside potential in ICE canola futures.
As of 10:39 CDT, about 6,633 canola contracts had traded.
Milling wheat, durum and barley contracts were unchanged and untraded.
Prices in Canadian dollars per metric ton at 10:39 CDT:
