By Dwayne Klassen, Commodity News Service Canada
Winnipeg – May 21/13 – CNS – Canola contracts on the ICE
Futures Canada platform were trading at mostly lower price levels
at 10:32 CDT Tuesday with the generally weaker tone in CBOT
soybean and soyoil values helping to generate the selling, market
watchers said.
The feature of the activity has so far been the spread trade
in the Jul/Nov contracts, brokers said.
The absence of old crop canola stocks and the reluctance of
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prop up the nearby July future. The buying back of previously
sold positions also offered July some support.
Some of the weakness in the deferred values reflected the
fact that farmers were concentrating on spring fieldwork and
seeding operations where weather was allowing, traders said.
Reduced demand from export and domestic crushers for
deferred canola contracts helped to weigh on those values. The
large supply of South American soybeans available on the global
market also was viewed as bearish for canola, brokers said.
Some of the declines in the deferred contracts was offset by
the downswing in the value of the Canadian dollar.
As of 10:32 CDT, about 8,560 canola contracts had traded.
Milling wheat, durum and barley contracts were unchanged and
untraded.
Prices in Canadian dollars per metric ton at 10:32 CDT:
