By Terryn Shiells, Commodity News Service Canada
March 28, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform were narrowly mixed at 8:38 CDT Thursday, amid choppy trade ahead of this morning’s USDA stocks and planting reports, which are due out at 11:00 a.m. CT. The report should set the tone for the rest of the trading day.
Some of the weakness in canola was linked to spill over pressure from the losses seen in the CBOT soybean complex and Malaysian palm oil.
Pressure from the advancing soybean harvest in South America, and expectations that their record large crop will flood the market eventually also kept a lid on prices.
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Talk that some of the demand for Canadian canola could shift to Australia, as China is now allowing Australian canola imports again, further weighed on values.
Some values moved higher in reaction to strong commercial demand, slow farmer selling and concerns about delayed canola seeding in western Canada this spring.
Concerns about tight old crop canola supplies and talk that buyers are getting fed up with soybean shipping delays in Brazil kept a firm floor under the market.
As of 8:38 CDT, about 2,645 canola contracts had traded.
Milling wheat, barley and durum were untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:38 CDT:
