By Phil Franz-Warkentin, Commodity News Service Canada
May 5, 2014
Winnipeg – Canola contracts on the ICE Futures Canada platform were down at 10:43 CDT Monday, in very quiet activity.
Confirmation of Canada’s burdensome canola supply situation accounted for some of the weakness in the market, with Statistics Canada pegging the country’s canola supplies, as of March 31, at a record 9.0 million tonnes for that time of year. While the large supplies were anticipated, the fact that they were roughly double the level seen at the same point the previous year still weighed on values.
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Losses in old crop CBOT soybeans put some spillover pressure on canola as well, according to a broker. However, gains in new crop soybeans were somewhat supportive.
Scale-down commercial buying interest helped limit the losses as well, said traders. A lack of aggressive farmer selling, despite the big supplies in the countryside, was also supportive.
Only around 2,100 canola contracts had traded as of 10:43 CDT.
Milling wheat, durum, and barley futures were untraded and unchanged after seeing some price revisions following Friday’s close.
Prices in Canadian dollars per metric ton at 10:43 CDT:
