By Phil Franz-Warkentin, Commodity News Service Canada
April 29, 2013
Winnipeg – Canola contracts on the ICE Futures Canada platform were stronger at 10:38 CDT Monday, recovering from overnight declines as a turn higher in CBOT corn and soybeans spilled over to provide support.
Corn was the main driver pulling the grains and oilseeds up on Monday, as concerns over planting delays across the Midwest provided support there, said a broker.
Expectations for seeding delays across western Canada this spring added to the firmer tone in canola. Chart-signals were also supportive, as canola was said to be seeing a corrective bounce after heavy liquidation caused values to lag relative to soybeans recently.
Read Also
Canadian Financial Close: C$ firm Friday
Glacier FarmMedia — The Canadian dollar strengthened Friday, as dovish comments out of the United States Federal Reserve weighed on…
Light commercial buying interest and positioning ahead of the end of the month helped underpin the futures as well, according to a broker.
A firmer tone in the Canadian dollar did serve to limit the upside in canola, said participants. Weakness in CBOT soyoil was another bearish influence, causing crush margins to decline.
Ideas that canola was still looking expensive compared to other oilseeds were also putting some pressure on values, said traders.
At 10:38 CDT, about 9,400 canola contracts had changed hands.
Milling wheat, durum, and barley futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:38 CDT:
