By Phil Franz-Warkentin, Commodity News Service Canada
April 10, 2013
Winnipeg – ICE Canada canola contracts were trading within a narrow range Wednesday morning, with most months posting small gains as the market recovered from overnight declines.
The USDA releases updated supply/demand tables later in the day, position evening ahead of the report kept activity relatively subdued. The CBOT soy complex was also narrowly mixed in early activity, providing little direction for canola. Canola is expected to follow soybeans one way or the other, depending on the reaction to the report.
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The advancing South American soybean harvest, overnight losses in Malaysian palm oil, bearish technical signals, and the firmer Canadian dollar were all putting some pressure on canola values.
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.
About 1,900 canola contracts had traded as of 8:38 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged Wednesday morning.
Prices in Canadian dollars per metric ton at 8:38 CDT:
