By Terryn Shiells, Commodity News Service Canada
Winnipeg, May 5 – Canola contracts on the ICE Futures Canada platform were weaker Monday morning after the release of a neutral Statistics Canada report, which traders said was not impacting the market.
Statistics Canada pegged canola stocks as of March 31, 2014 at 9.018 million tonnes, significantly higher than the year ago figure of 4.529, but in line with expectations.
Ideas that Friday’s strong advances were overdone, and the market was due for a downward correction, were responsible for the price softness.
Some of the losses were also linked to spillover pressure from the weakness seen in nearby Chicago soybean contracts, and soyoil futures.
However, continued ideas that canola is undervalued compared to other oilseeds limited the downside, as did worries about planting delays in Western Canada this spring.
Activity was very quiet Monday morning. As of 8:45 CDT, only about 850 contracts had traded.
Milling wheat, durum and barley futures were untraded following price revisions after the close on Friday.
Prices in Canadian dollars per metric ton at 8:45 CDT:
