By Phil Franz-Warkentin, Commodity News Service Canada
May 8, 2015
Winnipeg – ICE Canada canola contracts were posting small losses in the most active months Friday morning after chopping around both sides of unchanged in light overnight activity.
Canola moved higher on Thursday despite losses in the CBOT soy complex, and the Canadian market was due for a correction on Friday as the spreads between the two commodities realigned. Soybeans were slightly lower to start the day, but soyoil was up.
A firmer tone in the Canadian dollar and the relatively favourable North American crop conditions were also bearish for canola, according to participants.
However, there is still enough uncertainty heading into the growing season to keep some weather premiums in the futures.
A lack of significant farmer selling and concerns over tightening old crop supplies also helped limit the losses in canola.
About 2,000 canola contracts had traded as of 8:48 CDT.
Milling wheat, durum, and barley futures were all untraded.
Prices in Canadian dollars per metric ton at 8:48 CDT:
