By Terryn Shiells, Commodity News Service Canada
May 31, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform were weaker Friday morning, amid choppy activity as traders squared positions ahead of the weekend and month end, analysts said.
Talk that good planting progress has been made recently in western Canada weighed on values, as did reports that the canola crop is off to a good start.
Some of the price weakness seen in canola was also linked to strong competition from South America, as their large oilseed crop is now flooding the market.
Read Also
ICE Canola Midday: Larger crop weighs on prices
By Glen Hallick Glacier FarmMedia | MarketsFarm – Canola futures on the Intercontinental Exchange were lower late Wednesday morning, following…
Ideas that some acres originally intended for corn in the US will move into soybeans because of delayed planting were also bearish.
However, tight old crop supply worries and the downswing in the value of the Canadian dollar helped to limit the declines.
Concerns that recent wet weather may cause further delays to oilseed planting in North America also underpinned the market.
Spill over from the gains seen in outside oilseeds, including Malaysian palm oil, European rapeseed and Chicago soybeans, was supportive as well.
As of 8:41 CDT, about 1,365 canola contracts had traded.
Milling wheat, barley and durum were untraded and unchanged Friday morning.
Prices in Canadian dollars per metric ton at 8:41 CDT:
