By Dwayne Klassen, Commodity News Service Canada
Winnipeg – April 8/13 – CNS – Canola contracts on the ICE
Futures Canada platform were trading at firmer price levels at
10:43 CDT Monday morning with support stemming from weather
concerns on the Canadian prairies and the advances experienced in
CBOT soybean and soyoil values, market watchers said.
Most of the weather concerns were linked to the continued
snowfall across the main growing regions of Saskatchewan and
Alberta and the cold temperatures which are expected to help slow
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brokers said.
Some spill over from the advances in CBOT soybean and soyoil
futures were also encouraging the advances in canola.
Additional strength in canola was coming from the pull-back
in the value of the Canadian dollar. Light exporter pricing of
old business and some minor domestic crusher demand also helped
to keep a firm floor under canola, traders said.
Farmer deliveries of canola were described as extremely
light and helped to generate some light support.
Light commodity fund selling tempered the upward price
climb.
Positioning ahead of new supply/demand reports from the USDA
on Wednesday was a small feature of the activity.
As of 10:43 CDT, about 5,740 canola contracts had traded. Of
the contracts traded, 3,198 were spread related.
Milling wheat, durum and barley contracts were unchanged and
ntraded.
Prices in Canadian dollars per metric ton at 10:43 CDT:
