By Terryn Shiells, Commodity News Service Canada
May 27, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform were firmer on Monday morning, amid light trade as US markets are closed for the Memorial Day holiday.
Some of the buying seen in canola was linked to concerns about the tight Canadian canola supply situation, according to analysts.
A slowdown in farmer selling, as they are busy focusing on field work, provided further support.
The downswing in the value of the Canadian dollar also underpinned values, as it made canola more attractive to foreign buyers.
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Concerns that forecasts calling for wet weather throughout the week will further delay planting progress in western Canada also fuelled some of the advances.
However, talk that commercial and export demand have slowed limited the gains, as did strong competition from the South American oilseed market.
Technical weakness and expectations that any bounce in the market will be seen as a good selling opportunity, also tempered the advances, brokers noted.
As of 8:32 CDT, only about 400 canola contracts had traded.
Milling wheat, barley and durum were untraded and unchanged Monday morning.
Prices in Canadian dollars per metric ton at 8:32 CDT:
