By Phil Franz-Warkentin, Commodity News Service Canada
May 1, 2014
Winnipeg – ICE Canada canola contracts were posting small losses Thursday morning in very quiet activity.
Spillover from the softer tone in the CBOT soy complex accounted for some of the selling pressure, according to traders. Malaysian palm oil was also down in overnight activity.
Canada’s large supply situation, increased farmer selling, and a lack of any fresh supportive news weighed on values as well, keeping canola within a narrow range.
On the other side, ideas that canola remains cheap compared to other oilseeds did remain somewhat supportive. Early weakness in the Canadian dollar and the late start to spring seeding across much of Western Canada underpinned the futures as well.
About 1,800 canola contracts had traded as of 8:45 CDT.
Milling wheat, durum, and barley futures were all untraded after seeing some price revisions following Wednesday’s close.
Prices in Canadian dollars per metric ton at 8:45 CDT:
