By Phil Franz-Warkentin, Commodity News Service Canada
April 17, 2013
Winnipeg – Canola contracts on the ICE Futures Canada platform were holding onto small gains at 10:50 CDT Wednesday, as a weaker tone in the Canadian dollar provided some support.
The softer currency was helping crush margins improve, said a trader who noted that domestic processors continue to show solid demand for canola.
Ongoing concerns over the cold and wet conditions seen across much of western Canada, and the likelihood of planting delays, remained supportive for canola as well, according to participants.
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However, trade was choppy and declines in CBOT soybeans did temper the upside potential in canola. The uncertainty in the outside financial markets, with gold, crude oil, and equities all pointed lower on Wednesday, also kept some caution in the canola market, said a trader.
At 10:50 CDT, about 8,500 canola contracts had changed hands. Spreading remained a feature, but volumes were down from Tuesday with many participants already said to be done rolling out of the front month.
Milling wheat, durum, and barley futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:50 CDT:
