By Terryn Shiells, Commodity News Service Canada
March 27, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform were firmer at 8:55 CDT Wednesday, following the advances seen in the CBOT soybean complex, analysts said.
Soybean shipping delays at the ports in Brazil continued to be a concern, and kept a firm floor under both soybean and canola markets.
Spill over support from the advances seen in other oilseed markets, including European rapeseed and Malaysian palm oil, provided further support.
A lack of significant farmer selling into the cash pipeline, and steady commercial demand added to the bullish tone.
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Some traders were also starting to focus on possible Canadian canola planting delays this spring, which helped to underpin new crop contracts.
However, the reality that a large South American soybean crop will eventually flood the market limited the advances.
The upswing in the value of the Canadian dollar also undermined values, as it made canola more expensive to foreign buyers.
Activity was light and choppy, as some traders were on the sidelines ahead of Thursday’s USDA reports and the long weekend. Markets are closed on Friday for the Good Friday holiday. As of 8:55 CDT, only about 440 canola contracts had traded.
Milling wheat, barley and durum were untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:55 CDT:
