By Phil Franz-Warkentin, Commodity News Service Canada
April 22, 2014
Winnipeg – Canola contracts on the ICE Futures Canada platform were down at 10:49 CDT Tuesday, retreating from overnight advances as declines in the CBOT soy complex spilled over to weigh on prices.
Speculators were noted sellers, as canola prices moved below nearby support, according to participants. Farmer hedges weighed on prices as well, with new crop pricing opportunities topping C$10 per bushel in many areas encouraging some sales, said a trader.
Positioning ahead of the Statistics Canada planting intentions report on Thursday, April 24, was behind some of the activity as well. Early trade guesses are generally calling for an increase of one million acres in canola area on the year, from the 19.9 million seeded in 2013.
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Ideas that canola remains cheap compared to other oilseeds did remain somewhat supportive, according to participants. A slightly weaker tone in the Canadian dollar was also supportive.
About 13,000 canola contracts had traded as of 10:49 CDT, with intermonth spreading a feature.
Milling wheat, durum, and barley futures were untraded and unchanged after seeing some price revisions following Monday’s close.
Prices in Canadian dollars per metric ton at 10:49 CDT:
