By Dwayne Klassen, Commodity News Service Canada
April 5, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform were trading at steady to mostly higher price levels at 8:41 CDT Friday morning with some of the support associated with ideas that values were oversold and in need of a correction to the upside, market watchers said.
The absence of significant farmer deliveries of canola into the cash market in western Canada helped to generate some strength for the commodity.
Continued concerns about tight old crop supplies helped to provide a firm floor for the commodity as did light commercial buying interest, said to be covering light domestic crusher and exporter needs, brokers said.
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The evening up of positions ahead of the weekend was a feature of the activity in canola.
The upside in canola was restricted by the losses seen in CBOT soybean and soyoil futures. Declines overnight in Malaysian palm oil and european rapeseed futures also tempered the upward price push in canola.
As of 8:41 CDT an estimated 4,558 canola contracts had changed hands.
Prices are in Canadian dollars per metric ton and were as of 8:41 CDT.
