By Phil Franz-Warkentin, Commodity News Service Canada
April 24, 2015
Winnipeg – Canola contracts on the ICE Futures Canada platform were narrowly mixed at midday Friday, with both buyers and sellers showing a reluctance to push values too far one way or the other ahead of the weekend.
A softer tone in the CBOT soy complex did put some spillover pressure on canola, while a weaker Canadian dollar provided some support on the other side.
After losing some ground relative to soybeans on Thursday, canola was “rebalancing” against its US counterpart on Friday, according to a broker accounting for some of the buying interest in canola.
Thursday’s Statistics Canada planting intentions report was another supportive influence in the background, as the government agency forecast canola seedings at the low end of trade estimates, at 19.4 million acres.
“We need at least 20 million canola acres to maintain a stable supply outlook,” said a broker.
About 8,000 canola contracts had traded as of 10:56 CDT.
Milling wheat, durum, and barley were all untraded.
Prices in Canadian dollars per metric ton at 10:56 CDT:
