By Phil Franz-Warkentin, Commodity News Service Canada
March 15, 2013
Winnipeg – ICE Futures Canada canola contracts closed steady to lower on Friday, with the bias to the downside in all but the front month. Activity was choppy throughout the session, with values bouncing around both sides of unchanged. After outperforming soybeans for most of the past week, canola was said to be due for a bit of a correction, and lost some ground in relation to the product values today, according to a broker.
Domestic crusher selling, after they had been good buyers recently, accounted for some of the weakness, said participants. The firmer Canadian dollar was another bearish price influence
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On the other side, the ongoing concerns over tightening Canadian canola supplies did keep values well supported. Gains in CBOT soyoil and other international vegetable oil markets were also supportive.
Farmers were also holding off on sales for the time being, according to a trader. Although improving new crop pricing opportunities were encouraging some selling in the deferred contracts.
About 13,259 canola contracts were traded on Friday, which compares with Thursday when 15,252 contracts changed hands. Spreading accounted for 8,280 of the contracts traded.
Milling wheat, durum and barley futures were untraded and unchanged.
Settlement prices are in Canadian dollars per metric ton.
