By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, June 9 (CNS Canada) – Canola contracts on the ICE Futures Canada platform were narrowly mixed at midday Thursday, lacking any clear direction as the market saw some consolidation following recent gains.
Relatively favourable crop conditions across most of Western Canada and ideas the recent advances were overdone did put some pressure on values, according to participants.
However, there is still a long growing season ahead and the need to keep some weather premiums in the futures remained supportive on the other side.
Gains in Chicago Board of Trade soyoil futures, together with modest weakness in the Canadian dollar, also provided some underlying support.
About 13,500 canola contracts had traded as of 10:45 CDT, with the July/November spread a feature of the activity.
Milling wheat, durum, and barley futures were all untraded and unchanged.
