By Phil Franz-Warkentin, Commodity News Service Canada
April 17, 2014
Winnipeg – ICE Canada canola contracts were weaker Thursday morning, after trading to both sides of unchanged in choppy overnight activity.
Positioning ahead of the Easter weekend was a feature, with markets closed tomorrow for Good Friday.
Losses in CBOT soyoil accounted for some of the spill-over selling pressure in canola, according to traders. Overbought price sentiment, following the gains posted earlier this week, weighed on values as well.
Farmer selling was also said to be picking up once again, according to participants. Canada’s burdensome supply situation and the ongoing expectations for another big crop this summer were overhanging the market as well.
Chart support was holding to the downside in early activity, helping limit the losses. Ideas that canola remains cheap compared to other oilseeds were supportive as well.
About 7,000 canola contracts had traded as of 8:45 CDT.
Milling wheat, durum, and barley futures were all untraded after seeing some price revisions following Wednesday’s close.
Prices in Canadian dollars per metric ton at 8:45 CDT:
