By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, May 12 (CNS Canada) – ICE Canada canola contracts were down Thursday morning, as the market continued to correct off of the highs hit earlier in the week.
Losses in CBOT soyoil and a firmer tone in the Canadian dollar added to the early declines in canola, as that combination cut into crush margins.
Mixed weather conditions across Western Canada are being followed closely by traders. Some areas received welcome rainfall in recent days, although some saw too much moisture and others remain dry. Colder temperatures were another factor, with frost damage a possibility for some early seeded crops.
Solid end user demand kept canola well supported, while the longer-term technical bias remains pointed higher.
About 9,000 canola contracts had traded as of 8:56 CDT.
Milling wheat, durum, and barley futures were all untraded.
Prices in Canadian dollars per metric ton at 8:56 CDT:
