By Phil Franz-Warkentin, Commodity News Service Canada
April 15, 2013
Winnipeg – Canola contracts on the ICE Futures Canada platform were weaker at 10:40 CDT Monday, as a broad sell-off in most outside financial and commodity markets spilled over to weigh on values.
Gold, silver, crude oil, and equities were all down sharply on Monday, and that general weakness was the feature in canola as well, according to a broker.
The declines in the outside markets also weighed on the Canadian dollar, and the weaker tone in the currency helped temper the declines in canola.
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“We’re getting pulled down by the broad sell-off, but we’re finding support from the weaker Canadian dollar,” said a broker.
A mixed tone in the CBOT soy complex also helped limit the declines in canola, according to participants.
Weather concerns remain at the forefront of the canola market as well, with yet another spring snow storm leading to more concerns over planting delays and flooding in parts of western Canada, said the broker.
At 10:40 CDT, about 5,600 canola contracts had changed hands, with the May/July spread trade a feature as participants were rolling out of the front month.
Milling wheat, durum, and barley futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:40 CDT:
