By Phil Franz-Warkentin, Commodity News Service Canada
April 8, 2013
Winnipeg – ICE Canada canola contracts were stronger Monday morning, recovering from overnight declines as the market took some direction from the gains seen in the CBOT soy complex.
The weaker Canadian dollar, a lack of farmer selling, and bullish nearby technical signals contributed to the firmer tone in canola, according to participants.
Concerns over possible planting delays in western Canada this spring due to the late snow melt were underpinning the futures as well.
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However, the advancing South American soybean harvest was overhanging the oilseed markets Monday morning, limiting the upside potential.
Ideas that a bird flu outbreak in China will lead to a reduction in demand for soybeans from the country also put some spillover pressure on the canola market, according to participants.
About 2,200 canola contracts had traded as of 8:49 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged Monday morning.
ICE Canada will revert back to its traditional 1:15pm CDT close starting today. US markets will also be closing 45 minutes earlier.
Prices in Canadian dollars per metric ton at 8:49 CDT:
