By Dwayne Klassen, Commodity News Service Canada
April 25, 2013
Winnipeg – Canola contracts on the ICE Futures Canada platform were trading at higher price levels at 10:32 CDT Thursday with some of the strength associated with the gains seen in CBOT soybeans and continued worries over tight old crop supplies, market watchers said.
The upward price action seen in CBOT soybeans and soyoil stimulated some light buying from speculative accounts with the continued usage of canola by domestic crushers and export outlets adding to the upward price momentum, brokers said.
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New crop canola was being underpinned by the continued delays in planting canola in western Canada due to the cold and wet conditions. Concerns that delayed plantings may reduce yield potential also generated some support, brokers said.
Some support in canola was continuing to stem from the smaller than anticipated acreage estimate for the crop from Statistics Canada Wednesday morning, traders said.
The realigning of spreads was a feature of the activity in canola and was helping to augment the volume total.
As of 10:32 CDT, about 10,305 canola contracts had traded. Of those contracts, 7,050 were spread related.
Milling wheat, durum and barley contracts were unchanged and untraded.
Prices in Canadian dollars per metric ton at 10:24 CDT:
Price Change
