By Terryn Shiells, Commodity News Service Canada
February 20, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform were trading at slightly higher price levels at 10:34 CST Wednesday, amid light buying from commercials and crushers, according to traders.
A slowdown in farmer selling, as they hold out for higher prices, also helped to prop prices up, brokers said. The downswing in the value of the Canadian dollar was also supportive.
Spillover support from the advances seen in the CBOT soybean complex also helped canola move to higher ground. Soybeans were higher with strong export demand and tight supply concerns, analysts said.
News that Argentina’s soybean crop is still suffering from dry weather also underpinned both canola and soybean values, participants noted.
Continued worries about the tight Canadian canola supply situation and the need to ration demand also added to the bullish price sentiment.
However, profit-taking following Tuesday’s rally and weakness in US soyoil and Malaysian palm oil limited the advances.
As of 10:34 CST Wednesday, about 14,640 canola contracts had traded. Spreading was a big feature of the trade, and helped to amplify the volume total.
Milling wheat, barley and durum were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:34 CST:
Futures Prices as of May 24, 2013
Prices are in Canadian dollars per metric ton