By Phil Franz-Warkentin, Commodity News Service Canada
Jan. 7, 2013
Winnipeg – ICE Canada canola futures were posting small gains Monday morning, seeing a modest correction from the losses posted over the past week.
A firmer tone in the CBOT soy complex accounted for some of the spill-over buying interest in the lightly traded canola market, according to participants.
A lack of significant farmer selling, steady end-user demand, concerns over tightening supplies in western Canada, and supportive technical signals were also said to be helping keep the bias to the upside.
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However, overnight declines in Malaysian palm oil futures did temper the gains to some extent. Expectations for record large South American soybean crops are also continuing to overhang the oilseed markets.
The USDA releases updated supply/demand estimates on Friday, January 11, and traders cautioned that positioning ahead of the reports could lead to some choppy activity in the grains and oilseeds over the next few days.
About 900 canola contracts had traded as of 8:44 CST.
Milling wheat, durum, and barley futures were all untraded and unchanged Monday morning.
Prices in Canadian dollars per metric ton at 8:44 CST:
