By Dwayne Klassen, Commodity News Service Canada
April 26, 2013
Winnipeg – Canola contracts on the ICE Futures Canada platform were trading at steady to mostly lower price levels at 10:22 CDT Friday with values experiencing movement to both sides of the plus/minus line so far. Some of the weakness in canola was associated with the losses posted by CBOT soybean and soyoil futures, market watchers said.
End of month liquidation by speculative and commodity fund accounts was also evident and added to some of the bearish sentiment in the commodity, brokers said.
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The lack of aggressive buying was also a factor allowing canola values to ease to negative price territory, traders said.
Some of the buying that appeared in canola came from the commercial sector. Traders noted that commercials were buying on a scale down basis, with most of that interest said to be covering light domestic crusher and exporter needs.
Continued concerns about tight old crop supplies kept a firm floor under canola as did the continued reluctance of farmers to deliver canola into the cash pipeline.
As of 10:22 CDT, about 6,896 canola contracts had traded. Of those contracts, 4,730 were spread related.
Milling wheat, durum and barley contracts were unchanged and untraded.
Prices in Canadian dollars per metric ton at 10:24 CDT:
