By Phil Franz-Warkentin, Commodity News Service Canada
April 16, 2013
Winnipeg – Canola contracts on the ICE Futures Canada platform were stronger at 10:50 CDT Tuesday, seeing a recovery from Monday’s declines.
Nervousness over the weather conditions across western Canada, and the likelihood of planting delays due to the slow spring melt, accounted for some of the strength in canola, according to a broker. With many areas of Saskatchewan and Manitoba still under a considerable amount of snow, he said weather conditions over the next two weeks will be followed closely.
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Solid end-user demand, a lack of willing farmer sellers, and spillover from the advances in CBOT soybeans provided further support, according to participants.
However, canola was also said to be looking overpriced compared to other oilseeds, which tempered the upside potential. A firmer tone in the Canadian dollar also served to limit the advances.
At 10:50 CDT, about 18,000 canola contracts had changed hands, with the May/July spread trade a feature as participants continued to roll their positions out of the front month.
Milling wheat, durum, and barley futures were untraded and unchanged.
