By Phil Franz-Warkentin, Commodity News Service Canada
April 11, 2013
Winnipeg – ICE Canada canola contracts bounced around both sides of unchanged in choppy overnight activity and were lacking any clear direction Thursday morning.
Canola saw some independent strength relative to soybeans on Wednesday, which was said to be supportive from a technical standpoint, according to analysts. However, there were also ideas that canola was looking overpriced compared to other competing oilseeds, which limited the upside potential and kept values within a narrow range.
The advancing South American soybean harvest, overnight losses in Malaysian palm oil, and the firmer Canadian dollar were all putting some pressure on canola values.
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On the other side, persistent concerns over the late spring in western Canada, and the likely delays to planting this year’s crop, underpinned the canola market, according to traders. A lack of farmer selling and steady end user demand remained supportive as well.
About 4,900 canola contracts had traded as of 8:45 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged Thursday morning.
Prices in Canadian dollars per metric ton at 8:45 CDT:
