By Phil Franz-Warkentin, Commodity News Service Canada
May 9, 2013
Winnipeg – ICE Canada canola contracts were mixed Thursday morning, with modest strength in the nearby July contract and a softer tone in the more deferred positions.
Spill-over buying interest from the gains posted in the CBOT soy complex provided some support for canola values Thursday morning, according to participants.
Tightening old crop supplies and a lack of significant farmer selling helped underpin canola as well, according to participants.
However, improving Canadian weather conditions, which should allow producers to make some seeding progress over the next week, did put some pressure on values and the bias was to the downside in the new crop months.
Ideas that canola was looking overpriced compared to soybeans also weighed on values.
The firm Canadian dollar, which was trading just below parity with its US counterpart, was another bearish price influence in the market.
About 1,300 canola contracts had traded as of 8:47 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged Thursday morning.
Prices in Canadian dollars per metric ton at 8:47 CDT:
