By Terryn Shiells, Commodity News Service Canada
April 30, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform were mostly weaker Tuesday morning, undermined by the upswing in the value of the Canadian dollar. The stronger currency makes canola less attractive to foreign buyers.
Ideas that canola is overpriced compared to other oilseeds added to the bearish tone, as did positioning ahead of Friday’s stocks report from Statistics Canada.
Canola was also pressured by worries that China’s demand for meal will be reduced because the country is having trouble containing their recent bird flu outbreak.
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Talk that wet weather in the US will result in more soybean acres planted this spring undermined all oilseeds, including canola.
However, spill over from the advances seen in the Chicago soybean complex limited the declines, as did continued concerns about delayed planting in western Canada.
Slow farmer selling and the tight Canadian canola supply situation kept a firm floor under the market.
As of 8:40 CDT, about 1,980 canola contracts had traded.
Milling wheat, barley and durum were untraded and unchanged Tuesday morning.
Prices in Canadian dollars per metric ton at 8:40 CDT:
