By Dwayne Klassen, Commodity News Service Canada
June 5, 2013
Winnipeg – Canola contracts on the ICE Futures Canada platform were trading in a mixed range at 10:42 CDT Wednesday morning. Some of the downward price action reflected the declines in the outside oilseed sector and the upswing in the value of the Canadian dollar, market watchers said.
The losses in the outside oilseed markets included Malaysian palm oil, European rapeseed and most CBOT soybean and soyoil futures.
The rolling out of positions in the July future and into the other contracts remained a feature of the activity in canola, brokers said.
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Some of the declines in the nearby months were tied to steady elevator company hedge selling, spurred on by an increase in farmer deliveries of canola into the cash pipeline, traders said. Talk of good seeding progress on the Canadian prairies and indications the canola crop was off to a good start, further undermined values.
Some exporter demand helped to underpin the deferred canola contracts with steady domestic crusher buying interest also providing a firm floor under the market, traders said.
As of 10:42 CDT, about 11,352 canola contracts had traded.
Milling wheat, durum and barley contracts were unchanged and untraded.
Prices in Canadian dollars per metric ton at 10:42 CDT
