By Dwayne Klassen, Commodity News Service Canada
February 25, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform were trading at slightly firmer price levels at 8:47 CST Monday morning with light commercial demand and slow farmer selling providing some of the upward price momentum, market watchers said.
Sentiment that Friday’s losses were overdone and that values were due for a small correction to the upside, also generated some support.
The continued downswing in the value of the Canadian dollar added to the support seen in canola with the weak currency making canola more attractive on the international scene, brokers said.
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The upside in canola was restricted by the sharp losses posted overnight in Malaysian palm oil and European rapeseed futures. Declines in CBOT soybean and soyoil values early Monday also added to the bearish sentiment in the market, traders said.
The taking of profits and ideas that canola has hit a top also tempered the upward price action seen in the commodity.
As of 8:47 CST an estimated 6,840 canola contracts had changed hands.
Prices are in Canadian dollars per metric ton and were as of 8:47 CST.
