By Terryn Shiells, Commodity News Service Canada
March 6, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform were narrowly mixed at 8:39 CST Wednesday, amid nervousness ahead of Friday’s USDA report, analysts said.
Traders were also wary of pushing the market too far one way or the other due to a lack of fresh news, according to participants.
Continued concerns about tight canola supplies in Canada and weakness in the value of the Canadian dollar underpinned values. Spillover from the advances seen in CBOT soyoil was also supportive.
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Chicago soybeans were lower Wednesday morning, which spilled over to put some downward pressure on canola values.
The quickly advancing harvest of soybeans in Brazil and expectations that a large amount of their crop will soon flood the market were also bearish for canola.
A pick up in farmer selling and signs that commercial demand has started to slow also kept a lid on the canola market, brokers noted.
Activity was light Wednesday morning. As of 8:39 CST, only about 495 canola contracts had traded.
Milling wheat, barley and durum were untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:39 CST:
