By Dwayne Klassen, Commodity News Service Canada
January 21, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform were trading in a mixed price range at 10:19 CST Monday morning with participants not wanting to push values too far one way or the other especially with the US markets closed in observance of Martin Luther King Day.
Weakness in the Canadian dollar helped to generate some minor support for canola with steady domestic crusher demand also influencing some of the upward price action, market watchers said.
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Attempts to rally the nearby March future above key technical resistance at C$600 per tonne, was also a feature of the canola trade, brokers said.
Overnight gains in Malaysian palm oil and European rapeseed futures contributed to the firmness seen in canola.
The upside in canola was being capped by light elevator company hedge selling, which was tied to steady farmer deliveries of canola into the cash pipeline.
The potential for record large soybean output from South America also helped to generate some selling interest.
Spreading was a key feature of the activity in canola and accounted for the bulk of the volume total.
As of 10:19 CST, about 2,727 canola contracts had traded. Of those contracts, spreading accounted for 2,154 of the trades.
Milling wheat, durum and barley contracts were unchanged and untraded.
Prices in Canadian dollars per metric ton at 10:19 CST:
