By Terryn Shiells, Commodity News Service Canada
March 4, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform were narrowly mixed at 8:38 CST Monday, as traders were wary of pushing values too far one way or the other amid a lack of fresh news, analysts said.
Values found some spill over support from firmness seen in outside oilseed markets, including Malaysian palm oil, European rapeseed and CBOT soyoil.
The Canadian dollar weakened further against its US counterpart Monday morning, which sparked some of the buying that took canola values higher.
Concerns about tight Canadian canola supplies and talk that canola acres will decrease in Canada this spring also underpinned values, as did some chart-based buying.
However, improving weather conditions in Argentina and expectations for record large soybean crops in South America and the US next year limited the advances, brokers said.
Activity was on the light side Monday morning. As of 8:38 CST, only about 600 canola contracts had traded.
Milling wheat, barley and durum were untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:38 CST:
