By Terryn Shiells, Commodity News Service Canada
June 14, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform were slightly stronger Friday morning amid choppy activity as traders positioned themselves ahead of the weekend, analysts said.
Some of the price firmness was linked to ideas that recent declines were overdone and the market needed an upward correction.
Canola values also found some spill over support from the gains seen in the Chicago soybean complex and European rapeseed futures.
Uncertainty surrounding the weather situation during the growing season and the need to keep a weather premium built into values further underpinned values.
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Some of the strength in canola was also linked to tight supply concerns and steady demand from the commercial sector.
However, reports that the majority of canola in western Canada has been planted and most crops are emerging in generally good conditions limited the gains.
A pick up in farmer selling and firmness in the value of the Canadian dollar further tempered the advances.
As of 8:37 CDT, about 3,125 canola contracts had traded.
Milling wheat, barley and durum were untraded and unchanged Friday morning.
Prices in Canadian dollars per metric ton at 8:37 CDT:
