By Terryn Shiells, Commodity News Service Canada
February 22, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform were trading at narrowly mixed price levels at 10:37 CST Friday, with nearby contracts experiencing most of the downward price action.
Spillover pressure from the losses seen in CBOT soyoil weighed on values, analysts said. News of beneficial rainfall hitting soybean growing regions across Argentina was also bearish.
Tepid buying interest from crushers and some pre-weekend profit-taking also undermined canola values, according to participants.
However, advances seen in CBOT soybeans spilled over to help underpin values. Much of the strength in soybeans was linked to better than expected export numbers in the US.
The downswing in the value of the Canadian dollar also provided a firm floor for canola values, as did a slowdown in farmer selling.
Continued concerns about tight Canadian canola supplies and the need to ration demand were supportive as well.
As of 10:37 CST Friday, about 11,870 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 10:37 CST: