By Dwayne Klassen, Commodity News Service Canada
March 22, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform were trading in a mixed range at 10:47 CDT Friday morning with the three nearby months up and the more deferred contracts down. Support in the nearby months came from steady commercial demand and continued concerns about the tight old crop supply picture, market watchers said.
Much of the commercial interest was said to be covering domestic processor needs as well as some previously conducted export business, traders said.
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The lack of significant farmer deliveries of canola into the cash pipeline helped to fuel some of the upward price action, brokers said.
The upside in canola was capped by the losses experienced in CBOT soybean and soyoil futures. News that China has lifted its three-year ban on the imports of Australian canola also was viewed as a bearish influence, traders said.
The taking of profits ahead of the weekend added to some of the downward price action. Prospects for a large oilseed crop in North America in the new season also helped to weigh on the deferred months.
Position evening ahead of the weekend and next week’s prospective plantings report from the USDA was a feature of the activity in canola.
As of 10:47 CDT, about 6,436 canola contracts had traded.
Milling wheat, durum and barley contracts were unchanged and untraded.
Prices in Canadian dollars per metric ton at 10:47 CDT:
