By Dwayne Klassen, Commodity News Service Canada
April 10, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform were trading at mostly firmer price levels 10:27 CDT Wednesday with concerns about tight old crop supplies and light commercial demand fuelling the upside, market watchers said.
The tight supply concerns were being linked to the steady pace of usage by export and domestic outlets, brokers said.
The absence of significant farmer deliveries of canola into the cash pipeline helped to underpin values.
Activity in canola was on the lighter side as market participants awaited the release of new supply/demand estimates from the USDA.
Read Also
Canadian Financial Close: C$ firm Friday
Glacier FarmMedia — The Canadian dollar strengthened Friday, as dovish comments out of the United States Federal Reserve weighed on…
Some of the support in canola was also stemming from weather concerns on the Canadian prairies and concerns about delays in seeding crops this spring due to the cold and snow, traders said.
Small gains in CBOT soybean futures were supportive for canola, but the weakness in CBOT soyoil values was keeping a lid on the upside price potential.
As of 10:27 CDT, about 5,223 canola contracts had traded. Of the contracts traded, 4,170 were spread related.
Milling wheat, durum and barley contracts were unchanged and untraded.
Prices in Canadian dollars per metric ton at 10:27 CDT:
