By Phil Franz-Warkentin, Commodity News Service Canada
April 23, 2013
Winnipeg – ICE Canola Mixed Ahead Of Acreage Report >TX
By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, MB, April 23, 2013 (CNS Canada) – ICE Canada canola contracts were mixed Tuesday morning, with gains in the front months and a weaker tone in the lightly traded new crop contracts.
The late spring melt in western Canada, and likely planting delays, will mean old crop supplies will need to be rationed longer in order to last until the 2013 harvest, said analysts. Solid end user demand for those tightening supplies, together with a lack of farmer selling as producers wait for a clearer picture on the new crop, helped underpin the futures.
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Outside markets, including the CBOT soy complex, were mixed Tuesday morning and provided little direction for canola.
Statistics Canada releases its first acreage report of the year on Wednesday, and positioning ahead of the survey results is expected to be a feature during the session. Pre-report estimates for canola area range from 20.0 million to 21.3 million acres, which would compare with the 21.5 million seeded in 2012.
About 4,700 canola contracts had traded as of 8:43 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged Tuesday morning.
Prices in Canadian dollars per metric ton at 8:43 CDT:
