By Dwayne Klassen, Commodity News Service Canada
May 15, 2013
Winnipeg – Canola contracts on the ICE Futures Canada platform were trading in a narrowly mixed range in early Wednesday morning activity. The generally weaker tone in the CBOT soybean complex helped to send some canola contracts down, market watchers said. Tight supply concerns, however, continued to keep a firm floor under the nearby future.
The taking of profits by a variety of market participants helped to put some downward pressure on values with declining demand from the export and domestic sectors also stimulating some of the price weakness, brokers said.
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Upside chart resistance has also put a restriction on attempts by the July future to push upwards.
New crop positions have been supported by concerns about the late spring across the Canadian prairiess. Weather outlooks for western Canada call for mostly sunny and seasonal conditions but the chances of precipitation increase as the weekend approaches.
A minor downswing in the value of the Canadian dollar early Wednesday was also viewed as an underpinning price influence.
As of 08:37 CDT, about 2,501 canola contracts had traded.
Milling wheat, durum and barley contracts were unchanged and untraded.
Prices in Canadian dollars per metric ton at 08:37 CDT:
