By Phil Franz-Warkentin, Commodity News Service Canada
Feb. 15, 2013
Winnipeg – Canola contracts on the ICE Futures Canada platform were narrowly mixed at 11:03 CST Friday, with positioning ahead of the long weekend a feature.
The Winnipeg market will be closed Monday, February 18, for Louis Riel Day. US markets will also be closed for President’s Day.
Gains in CBOT soybeans, ongoing concerns over the tightening canola supply situation in western Canada, a lack of significant farmer selling, and supportive technical signals were all said to be underpinning the canola market.
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The weaker Canadian dollar, which was down by about two-thirds of a cent relative to its US counterpart, was also supportive as the softer currency was helping crush margins see some improvement, according to a trader.
On the other side, the large South American soybean crop overhanging the oilseed markets did put some pressure on values, according to participants.
There were also ideas that the recent gains in canola were overdone compared to CBOT soybeans.
At 11:03 CST, about 17,500 canola contracts had changed hands, with intermonth spreading accounting for the majority of the activity.
Milling wheat, durum, and barley futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 11:03 CST:
