By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, May 18 (CNS Canada) – Canola contracts on the ICE Futures Canada platform were mixed at midday Wednesday, with gains in the nearby July contract and losses in the more deferred positions.
A weaker tone in the Canadian dollar, solid end-user demand, and a lack of significant farmer selling accounted for much of the strength in the front month, according to participants. Adjustments to the old/new crop spreads were also supportive for the July contract.
However, losses in CBOT soybeans and soyoil did put some pressure on canola, said traders. Forecasts calling for beneficial rainfall across most of the dry areas of Alberta over the next week were also bearish.
About 14,000 canola contracts had traded as of 10:43 CDT, with the July/November spread a feature of the activity.
Milling wheat, durum, and barley futures were all untraded and unchanged.
