By Dwayne Klassen, Commodity News Service Canada
April 19, 2013
Winnipeg – Canola contracts on the ICE Futures Canada platform were trading at mostly higher levels at 10:43 CDT Friday with support associated with the tight old crop supply situation and attempts by commodity funds to push the nearby months through technical resistance points, market watchers said.
“A lot of the strength we are seeing in the nearby canola futures is strictly commodity fund based,” a broker said. “We are near key resistance in a number of months so they are trying to pop it through those levels.”
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Additional support in canola came from the absence of farmer deliveries of canola into the cash pipeline. Steady demand from the export and domestic sectors were helping to fuel some of the upside, traders said.
The upside in canola was being restricted by the declines seen in CBOT soybean and soyoil futures. Some profit-taking at the highs also tempered some of the price strength.
As of 10:43 CDT, about 15,970 canola contracts had traded.
Milling wheat, durum and barley contracts were unchanged and untraded.
Prices in Canadian dollars per metric ton at 10:31 CDT:
