By Terryn Shiells, Commodity News Service Canada
April 17, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform were firmer at 8:36 CDT Wednesday. Much of the strength was linked to concerns that excessive snow and cold temperatures will delay planting in western Canada this spring. Ideas are that production could be tempered if the crop gets into the ground too late.
Values also found some support from news that China is easing restrictions on imports of Canadian canola, participants said.
Slow farmer selling, steady commercial demand, tight old crop supply concerns and weakness in the value of the Canadian dollar kept a firm floor under the market.
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However, pressure from the advancing South American soybean harvest undermined values, as did news that Argentina’s crop is seeing good yields.
Ideas that acres intended for corn could move into soybeans in the US this spring because of wet weather also tempered the gains.
Spill over pressure from the losses seen in outside oilseeds, including Malaysian palm oil and Chicago soyoil, kept a lid on the canola market.
As of 8:36 CDT, about 2,200 canola contracts had traded.
Milling wheat, barley and durum were untraded and unchanged Wednesday morning.
Prices in Canadian dollars per metric ton at 8:36 CDT:
