By Phil Franz-Warkentin, Commodity News Service Canada
April 30, 2014
Winnipeg – ICE Canada canola contracts were narrowly mixed Wednesday morning in choppy, two-sided trade.
The biggest gains were in the nearby May contract, where the move was exaggerated by participants covering short-positions and exiting the front month before it expires.
In the more active contracts, concerns over the start to spring seeding across Western Canada were slightly supportive, according to traders. Ideas that canola remains cheap compared to other oilseeds continued to underpin the futures as well.
Losses in the CBOT soy complex did put some spillover pressure on the Canadian futures, although only the July contract was down in early activity. Farmer selling ahead of spring seeding, the large old crop supply situation, and technical resistance to the upside also put some pressure on prices.
About 2,800 canola contracts had traded as of 8:47 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 8:47 CDT:
