By Dwayne Klassen, Commodity News Service Canada
May 10, 2013
Winnipeg – Canola contracts on the ICE Futures Canada platform were trading at steady to mostly weaker price levels at 10:45 CDT Friday with the liquidation of positions ahead of the weekend accounting fior the declines, market watchers said.
Activity was on the lighter side with market participants sidelined as they await the release of USDA supply/demand reports.
The tight old crop supply situation helped to fuel some of the early buying that surfaced in the nearby months. Slow farmer deliveries of canola into the cash pipeline also provided some support. Weakness in the Canadian dollar early Friday also added to the friendly price tone in the commodity.
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The upside in canola was restricted by talk of seeding progress being made in southern Alberta and in some of the drier regions of western Saskatchewan, traders said.
A significant drop off in domestic crusher demand, as reflected by the latest statistics from the Canadian Oilseed Processors Association, also sparked some selling in canola, brokers said.
As of 10:45 CDT, about 3,696 canola contracts had traded. Of those contracts, 1,216 were spread related.
Milling wheat, durum and barley contracts were unchanged and untraded.
Prices in Canadian dollars per metric ton at 10:45 CDT:
