By Terryn Shiells, Commodity News Service Canada
March 25, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform were narrowly mixed at 8:33 CDT Monday, amid choppy trade ahead of Thursday’s USDA stocks and planting reports, analysts said.
Values were undermined by spillover pressure from the losses seen in Malaysian palm oil and the CBOT soybean complex.
The quickly progressing soybean harvest in South America, and expectations that their crop will soon flood the market also weighed on canola prices.
The upswing in the value of the Canadian dollar and expectations for large North American oilseed production in 2013/14 were also bearish.
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Some canola prices moved higher, underpinned by slow farmer selling and steady commercial demand, participants noted.
News that financial problems in Cyprus have been resolved for the time being had traders more willing to take on risk, which also supported canola values.
Some concerns that canola planting in Canada could be delayed this spring kept a firm floor under the market.
As of 8:33 CDT, about 860 canola contracts had traded. Activity is expected to be choppy ahead of Thursday’s USDA reports and the long weekend. Canadian and US markets are closed Friday for the Good Friday holiday.
Milling wheat, barley and durum were untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:33 CDT:
