By Dwayne Klassen, Commodity News Service Canada
April 23, 2013
Winnipeg – Canola contracts on the ICE Futures Canada platform were trading at lower price levels at 10:23 CDT Tuesday with much of the downward price action linked to the losses in the outside oilseed markets, industry watchers said.
The unloading of positions by a variety of market participants ahead of the seeding intentions report from Statistics Canada on Wednesday was also viewed as an undermining price influence.
Some light speculative liquidation, tied to weakening chart patterns also helped to generate some of the price declines in canola, brokers said.
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Underlying support, however, continued to come from concerns about tight old crop canola supplies and the late start to seeding in western Canada. Steady usage of canola by domestic crushers and exporters also slowed the price declines in canola.
Farmer deliveries of canola into the cash market has also been on the light side, which in turn helped to restridct the price weakness, traders said.
As of 10:23 CDT, about 15,513 canola contracts had traded.
Milling wheat, durum and barley contracts were unchanged and untraded.
Prices in Canadian dollars per metric ton at 10:23 CDT:
