By Terryn Shiells, Commodity News Service Canada
WINNIPEG, April 30 – Canola contracts on the ICE Futures Canada platform were narrowly mixed at 10:40 CDT Wednesday. The May contract was higher, as traders were covering shorts and exiting positions ahead of its expiry, analysts said.
Spillover pressure from the weakness seen in Chicago soybean and soyoil futures was bearish, as was profit taking and farmer selling following recent advances.
Expectations that 2013/14 Canadian carryout stocks of canola will be very large continued to overhang the market.
On the other side, the downswing in the value of the Canadian dollar and ideas that canola is undervalued compared to other oilseeds were bullish.
Further support came from concerns about cold, wet weather delaying the planting of canola crops in Western Canada this spring.
As of 10:40 CDT Wednesday, about 8,340 contracts had traded.
Milling wheat, barley and durum were untraded following price revisions after the close on Tuesday.
Prices in Canadian dollars per metric ton at 10:40 CDT:
