By Phil Franz-Warkentin, Commodity News Service Canada
April 9, 2015
Winnipeg – Canola contracts on the ICE Futures Canada platform were lower at midday Thursday, taking some direction from the softer tone in the CBOT soy complex as traders positioned themselves ahead of the USDA’s monthly supply/demand report due out at 11:00 CDT.
While the April report is not expected to cause much of a long-term impact on the futures markets, the adjusted stocks and usage numbers do have the potential to cause some short-term swings, according to participants.
Bearish technical signals contributed to the softer tone in canola, with prices trading just above nearby support.
On the other side, the need to keep some weather premiums in the futures ahead of spring seeding helped temper the declines. A weaker tone in the Canadian dollar was also supportive, as the softer currency made exports more attractive to international buyers.
About 9,000 canola contracts had traded as of 10:24 CDT.
Milling wheat, durum and barley were all untraded.
Prices in Canadian dollars per metric ton at 10:24 CDT:
