By Phil Franz-Warkentin, Commodity News Service Canada
May 9, 2014
Winnipeg – Canola contracts on the ICE Futures Canada platform were slightly lower at 10:37 CDT Friday, although activity was thin and choppy as the markets awaited direction from the USDA’s monthly supply/demand report.
The USDA report will be released at 11:00 CDT, and any surprises as far as soybeans are concerned could pull canola one way or the other as well, said a broker.
In the meantime, canola was consolidating near unchanged with light farmer selling on the one side being countered by steady commercial pricing on the other, the broker added.
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Weakness in the Canadian dollar and the lateness of spring seeding across much of Western Canada did provide some underlying support for canola, according to participants.
However, the large old crop supplies that continue to overhang the market did remain a bearish influence. Profit-taking on Thursday’s gains put some pressure on the market as well.
About 6,000 canola contracts had traded as of 10:37 CDT, with the July/November spread a feature of the activity.
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 10:37 CDT:
