By Terryn Shiells, Commodity News Service Canada
April 12, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform were slightly stronger at 8:45 CDT Friday, as follow through buying from Thursday’s gains lifted values, traders said.
The advances seen in the Chicago soy complex also spilled over to help support canola values, as did continued concerns about tight Canadian canola supplies.
Slow farmer selling, as they’re holding out for better prices, further underpinned values.
Worries that the wet weather in western Canada will delay canola planting this spring, and ultimately temper production, kept a firm floor under the market.
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However, firmness in the value of the Canadian dollar limited the advances, as it made canola more expensive to foreign buyers.
Pressure from the advancement of a record large soybean harvest in South America also tempered the gains, as did spillover from the weakness seen in Malaysian palm oil.
Technically, canola values could run into some profit-taking during the session, which would limit the upside potential, analysts noted.
As of 8:45 CDT, about 6,400 canola contracts had traded.
Milling wheat, barley and durum were untraded and unchanged Friday morning.
Prices in Canadian dollars per metric ton at 8:45 CDT:
