By Dwayne Klassen, Commodity News Service Canada
May 17, 2013
Winnipeg – Canola contracts on the ICE Futures Canada platform were trading at steady tp higher price levels Friday morning with some of the strength associated with the tight old crop supply situation as well as to the advances experienced by CBOT soybean and soyoil values, market watchers said.
Activity in canola was on the light and choppy side, with market participants expected to even up positions ahead of the long holiday weekend in Canada. The ICE Canada platform will be closed on Monday, May 20 in observances of the Victoria Day holiday. US markets, however, will be open as usual.
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Strength in the cash market, as farmers remain reluctant sellers of canola, also helped to keep a firm tone under values, brokers said. Some concerns about delayed seeding operations in Western Canada due to wet conditions also were seen as friendly for prices.
The downswing in the value of the Canadian dollar Friday morning was also an underpinning price influence, brokers said.
The upside in canola was being capped by the taking of profits by a variety of market participants.
As of 08:31 CDT, about 1,390 canola contracts had traded.
Milling wheat, durum and barley contracts were unchanged and untraded.
Prices in Canadian dollars per metric ton at 08:31 CDT:
