By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, May 8 (CNS Canada) – ICE Futures Canada canola contracts were mixed at midday Monday, with losses in the nearby July contract and a firmer tone in the new crop months.
“The spreads are jockeying around,” said a trader noting that investors were selling July and buying November.
Losses in Chicago Board of Trade soybeans accounted for some of the weakness in the nearby July contract. However, soyoil was higher, which provided underlying support.
Concerns over tightening old crop supplies provided support for canola, with demand likely needing to be rationed going forward, according to traders. Persistent weather concerns in parts of the Prairies were also supportive.
About 6,000 canola contracts had traded as of 10:49 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
