By Dwayne Klassen, Commodity News Service Canada
April 12, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform were trading in a narrowly mixed range at 10:36 CDT Friday with the activity linked to the evening up of positions ahead of the weekend, market watchers said.
Good volume totals were evident in canola with much of that activity believed to be the rolling of positions out of the nearby May future and into the July contract, brokers said.
Some of the early buying in canola was linked to the absence of farmer deliveries into the cash pipeline in western Canada and to light commercial demand under the market, traders said. Much of the commercial interest was said to be covering old export business. Concerns about tight old crop supplies also generated some support for the nearby months.
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Some of the strength in new crop months came from continued concerns about delayed seeding operations on the Canadian prairies due to overly wet and cold weather conditions, brokers said.
Weakness in CBOT soyoil futures discouraged the upward price action in canola as did a drop off in domestic crusher buying interest.
Ideas that US soybean acreage will be higher than anticipated also tempered some of the upward price potential in canola, traders said.
As of 10:36 CDT, about 12,924 canola contracts had traded. Of the contracts traded, 10,372 were spread related.
Milling wheat, durum and barley contracts were unchanged and untraded.
Prices in Canadian dollars per metric ton at 10:36 CDT:
