By Phil Franz-Warkentin, Commodity News Service Canada
May 10, 2013
Winnipeg – ICE Canada canola contracts were narrowly mixed Friday morning in quiet trade, as participants generally kept to the sidelines ahead of the USDA’s monthly supply/demand report due out later in the morning.
The CBOT soy complex was also holding near unchanged in early activity, providing little spill-over incentive to take canola one way or the other.
Tight old crop supplies, solid end user demand, and a lack of significant farmer selling remained supportive influences in the canola market, according to participants.
On the other side, the relatively favourable weather conditions seen across western Canada and expectations that farmers will start to make good seeding progress over the next week did put some pressure on values.
Ideas that canola was looking overpriced compared to soybeans also remained a bearish influence overhanging the market.
About 750 canola contracts had traded as of 8:44 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged Friday morning.
Prices in Canadian dollars per metric ton at 8:44 CDT:
