By Phil Franz-Warkentin, Commodity News Service Canada
June 27, 2013
Winnipeg – Canola contracts on the ICE Futures Canada platform were holding onto small gains in most months at 10:45 CDT Thursday, as the market saw some consolidation following recent declines.
After posting sharp losses in the most active new crop contracts on Wednesday, the canola market was due for a correction from a technical standpoint, according to participants.
Weather concerns for canola crops in some parts of Western Canada were also supportive, with excessive moisture reported in parts of Alberta and Saskatchewan. However, ideas that the crop is in good shape overall did limit the upside potential.
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The USDA releases updated acreage and stocks reports on Friday, and positioning ahead of the data was said to be keeping a cautious tone in the North American grains and oilseeds, including canola, on Thursday. CBOT soybeans were narrowly mixed at midsession, providing little direction for the Canadian market.
At 10:45 CDT, about 9,700 canola contracts had changed hands, with spreading only a very small feature.
Milling wheat, durum, and barley futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:45 CDT:
