By Phil Franz-Warkentin, Commodity News Service Canada
April 1, 2013
Winnipeg – Canola contracts on the ICE Futures Canada platform were mixed at 10:50 CDT Monday, with the front months seeing some modest follow-through selling on last week’s losses while the new crop contracts posted small gains.
“Maybe the cold weather has some traders concerned,” said a Winnipeg-based canola broker on the relative firmness in the lightly traded deferred contracts. Fields across western Canada remain covered with snow in many regions, and the slow thaw may delay seeding operations later in the spring.
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A lack of farmer selling was also said to be providing some underlying support for canola, limiting the downside potential in the old crop contracts. Commercial buying underneath the market and a lack of fund liquidation were supportive as well, said the broker.
However, sharp declines in the CBOT corn market for the second session in a row could potentially spillover to put further pressure on canola before the day is over, cautioned the broker.
At 10:50 CDT, about 4,700 canola contracts had changed hands, with intermonth spreading only a small feature.
Milling wheat, durum, and barley futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:50 CDT:
