By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, June 1 (CNS Canada) – ICE Canada canola contracts were chopping around within a narrow range Wednesday morning, lacking any clear direction.
On the one hand, losses in CBOT soyoil, increased farmer selling, bearish nearby technical signals, and relatively favourable North American crop conditions all put some pressure on values, according to participants.
However, with a long growing season ahead, there are still more than enough weather concerns to keep some premiums in the futures.
Solid end user demand, from both exporters and domestic crushers, and expectations for tightening stocks also remained supportive.
About 3,200 canola contracts had traded as of 8:47 CDT.
Milling wheat, durum, and barley futures were all untraded.
