By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, May 16 (CNS Canada) – Canola contracts on the ICE Futures Canada platform were lower at midday Monday in thin and choppy activity, as traders were trying to assess the extent of the damage caused by cold temperatures over the weekend.
The mercury dropped below freezing across most of Western Canada over the weekend, with the coldest temperatures in southern Manitoba. The general sentiment is that most of the emerged canola made it through the frost in reasonable shape, although a broker noted that there were also a few damage reports circulating the market.
Forecasts calling for much needed rainfall across much of the dry areas of Alberta later this week were also being followed closely on Monday.
Gains in CBOT soyoil provided underlying support for canola, but soybeans were down. The Canadian dollar was stronger on Monday, which put some pressure on canola values.
About 5,800 canola contracts had traded as of 10:47 CDT, with the July/November spread a feature of the activity.
Milling wheat, durum, and barley futures were all untraded.
