By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, June 6 (CNS Canada) – Canola contracts on the ICE Futures Canada platform were up at midday Monday, as gains in the Chicago Board of Trade soy complex provided spillover support.
Exporters scrambling to fulfill commitments by switching optional origin cargoes from Argentina to the US were behind some of the strength in the US futures that spilled into canola, according to a broker.
A lack of significant farmer selling also provided some spillover support, as Western Canadian farmers are busy spraying their fields and wrapping up the final stages of seeding, he added.
On the other side, a firmer tone in the Canadian dollar tempered the advances in canola. Relatively favourable North American crop conditions were another bearish influence in the background.
The July/November spread trade was a feature of the activity, as participants were busy rolling positions out of the front month.
About 15,000 canola contracts had traded as of 10:45 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
