By Dwayne Klassen, Commodity News Service Canada
February 5, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform were trading in a mixed range at 08:47 CST Tuesday morning with old crop contracts up and the deferred values down. Some of the support in the old crop contracts came from the Statistics Canada grain stocks in all positions report released early Tuesday.
Market participants were paying attention to the canola data with December 31 stocks pegged by the government agency at 7.371 million tonnes, which came in at the low end of pre-report expectations. Canola stocks on farm and in commercial position at the same time a year ago totalled 9.686 million tonnes. The estimate released today suggests that the current pace of usage is unsustainable, brokers said.
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Light speculative and commodity fund buying interest further lifted canola futures.
Steady demand from domestic crushers and export outlets helped to keep a firm floor under canola.
The upside in canola was being capped by the declines seen in CBOT soybean and soyoil futures. The taking of profits and steady farmer deliveries of canola into the cash pipeline also restricted the upward price potential, traders said.
As of 08:47 CST an estimated 2,883 canola contracts had changed hands.
Prices are in Canadian dollars per metric ton and were as of 08:47 CST.
