By Phil Franz-Warkentin, Commodity News Service Canada
May 6, 2015
Winnipeg – ICE Canada canola contracts were bouncing around both sides of unchanged in choppy trade Wednesday morning, although the bias was shifting higher in the most active months.
Statistics Canada released its grain stocks as of March 31 report this morning, pegging canola supplies at just over 7.0 million tonnes. That was below average trade guesses and seen as somewhat supportive for the market, as some demand may need to be rationed heading into the end of the crop year.
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A firmer tone in CBOT soyoil and other outside vegetable oil markets also helped underpin the canola market to start the day, according to participants.
On the other side, continued strength in the Canadian dollar did weigh on canola values. The currency was up by nearly half a cent relative to its US counterpart, which cuts into crush margins and also makes exports less attractive to international buyers.
About 3,000 canola contracts had traded as of 8:48 CDT.
Milling wheat, durum, and barley futures were all untraded after seeing some price revisions following Tuesday’s close.
Prices in Canadian dollars per metric ton at 8:48 CDT:
