By Phil Franz-Warkentin, Commodity News Service Canada
May 23, 2014
Winnipeg – Canola contracts on the ICE Futures Canada platform were weaker at 10:51 CDT Friday, as speculative selling weighed on values ahead of the weekend.
Favourable weather conditions across the Canadian Prairies contributed to the losses, as producers are expected to make good seeding progress over the next few days, said participants.
The large old crop supplies overhanging the market, the firmer Canadian dollar, and spillover from the losses seen in the CBOT soy complex contributed to the declines in canola.
Read Also
Canadian Financial Close: Loonie stands pat
By Glen Hallick Glacier Farm Media | MarketsFarm – The Canadian dollar was unchanged on Friday as weakness in the…
On the other side, scale-down end user demand was said to be providing some underlying support. A lack of significant farmer selling, as producers remain busy with spring field-work, helped limit the losses as well.
US markets will be closed Monday, May 26, for Memorial Day, while Canadian markets will remain open. Positioning ahead of the US long weekend kept some caution in the futures.
About 10,000 canola contracts had traded as of 10:51 CDT, with the July/November spread accounting for the bulk of the trade volumes.
Milling wheat, durum, and barley futures were untraded and unchanged, after seeing some price revisions following Thursday’s close.
Prices in Canadian dollars per metric ton at 10:51 CDT:
