By Phil Franz-Warkentin, Commodity News Service Canada
April 22, 2013
Winnipeg – ICE Canada canola contracts were weaker Monday morning, taking some direction from the declines seen in most outside oilseed markets.
After seeing some independent strength on Friday, the overbought canola market was due for a correction and the losses in CBOT soybeans, Malaysian palm oil, and European rapeseed futures spilled over to weigh on values, according to participants.
The advancing South American soybean harvest added to the softer tone.
On the other side, persistent concerns over the late spring in western Canada, and the likely delays to planting this year’s crop, underpinned the canola market, according to traders. A lack of farmer selling and steady end user demand remained supportive as well.
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Statistics Canada releases the first survey-based planting intentions report of the year on Wednesday, and positioning ahead of the acreage data was expected to account for some of the activity in the canola market.
About 4,500 canola contracts had traded as of 8:43 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged Monday morning.
Prices in Canadian dollars per metric ton at 8:43 CDT:
