By Phil Franz-Warkentin, Commodity News Service Canada
June 17, 2013
Winnipeg – Canola contracts on the ICE Futures Canada platform were narrowly mixed at 10:42 CDT Monday, seeing a modest recovery from early declines.
Relatively favourable weather conditions for crop development across most of North America had weighed on canola values early in the trading session. Speculators were noted sellers, according to a broker.
However, that speculative selling ran out of steam and values returned towards unchanged. Commercials were noted buyers, with gains in CBOT soyoil providing some spillover support for canola.
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A lack of farmer selling helped limit the downside potential in canola as well, according to participants.
However, with CBOT soybeans still pointed lower at midsession, “it will be interesting to see if we can hold onto this recovery at the close,” said the broker.
At 10:42 CDT, about 9,000 canola contracts had changed hands, with intermonth spreading accounting for about 6,000 of the contracts traded as participants were busy rolling out of the front month.
Milling wheat, durum, and barley futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:42 CDT:
