By Phil Franz-Warkentin, Commodity News Service Canada
April 26, 2013
Winnipeg – ICE Canada canola contracts were weaker Friday morning, as bearish technical signals and spillover from the losses in CBOT soybeans weighed on values.
Canola has been hard pressed to hold onto any gains over the past few days, with any attempts at moving higher proving to be short-lived. Overbought price sentiment was said to be behind some of that speculative selling pressure in the market, with canola looking expensive compared to other oilseeds.
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A smaller-than-expected acreage forecast from Statistics Canada released earlier in the week was initially bullish for the market, but traders quickly discounted the month-old survey results as actual area is generally expected to end up above the original intentions.
Ongoing concerns over the late spring melt in western Canada did help underpin the canola market, with farmers showing reluctance to make any sales until they have a clearer sense on new crop production. Tight old crop supplies were also supportive.
About 1,250 canola contracts had traded as of 8:45 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged Friday morning.
Prices in Canadian dollars per metric ton at 8:45 CDT:
