By Terryn Shiells, Commodity News Service Canada
February 21, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform were trading at narrowly mixed price levels at 10:39 CST Thursday, with most of the downward price action confined to nearby contracts.
Profit-taking following a recent rally and weakness in outside oilseed markets put some downward pressure on values. CBOT soyoil, Malaysian palm oil and European rapeseed futures were all weaker due to a “crashing” crude oil market, analysts said.
Expectations that buyers will soon look to South America for their oilseed crop needs, instead of North America, also generated some of the price softness.
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But, weakness in the Canadian dollar, as it continued to fall further below parity with its US counterpart on Thursday, helped canola futures stay fairly steady.
Light buying interest from commercials, crushers and exporters also helped to underpin canola values, according to brokers. Tight supply concerns and the need to ration demand for Canadian canola were supportive as well.
As of 10:39 CST Thursday, about 13,843 canola contracts had traded. Spreading was a feature of the trade, and helped to amplify the volume total.
Milling wheat, barley and durum were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:39 CST:
