By Dwayne Klassen, Commodity News Service Canada
May 22, 2013
Winnipeg – Canola contracts on the ICE Futures Canada platform were trading at higher price levels at 10:35 CDT Wednesday with some of the upward price action associated with the downswing in the value of the Canadian dollar and the advances displayed by CBOT soybean and soyoil values, market watchers said.
Concerns about tight old crop canola stocks helped to fuel some of the price strength with the absence of farmer deliveries of the commodity into the cash pipeline further lifting values, brokers said.
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Farmers were said to be busy with spring fieldwork and seeding and not worrying about marketing.
Some light commercial demand was also evident, which contributed to the support in the market. Some of that interest was linked to the covering of old export business.
The upside in canola was being restricted by the taking of profits and by the fairly good seeding progress occurring across parts of western Canada, traders said.
The glut of soybeans available on the global market from South America also was tempering the price strength in canola.
As of 10:35 CDT, about 6,461 canola contracts had traded.
Milling wheat, durum and barley contracts were unchanged and untraded.
Prices in Canadian dollars per metric ton at 10:35 CDT:
