By Phil Franz-Warkentin, Commodity News Service Canada
April 5, 2013
Winnipeg – ICE Futures Canada canola contracts were narrowly mixed at Friday’s close, recovering from earlier declines as the selling ran out of steam and some support was uncovered to the downside.
Speculators and domestic crushers booking profits accounted for some of the early weakness in the futures, with losses in CBOT soybeans adding to the weaker tone in canola, according to participants.
However, canola uncovered some support at the lows and managed to end within a dollar of unchanged in most months by the close. The weaker Canadian dollar and gains in soyoil provided some underlying support for the futures, according to participants.
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A lack of farmer selling helped underpin canola values as well, with most producers said to be content to wait on the sidelines for the time being until they get a better sense on the 2013 crop.
About 19,893 canola contracts were traded on Friday, which compares with Thursday when 24,598 contracts changed hands. Inter-month spreading was a feature, accounting for about 12,450 of the contracts traded.
ICE Canada will revert back to its traditional 1:15pm CT close starting next Monday, from the current 2:00pm CT close. US markets will also be closing 45 minutes earlier starting April 8.
Milling wheat, durum and barley futures were untraded and unchanged on Friday.
Settlement prices are in Canadian dollars per metric ton.
