By Dave Sims, Commodity News Service Canada
WINNIPEG, April 12 (CNS) – Canola contracts on the ICE Futures Canada platform were mixed at midday Thursday, as traders were exiting the May contract in search of more attractive positions.
“Some guys are going right from May to November,” noted a trader in Winnipeg.
Gains in the U.S. soy complex and weakness in the Canadian dollar were bullish for values.
Cold temperatures are also threatening to delay planting.
However, a large canola carryout and expectations this year’s crop will be massive, weighed on the market.
Volumes were light and spreads were narrower than they normally would be, added the trader.
About 8,200 canola contracts had traded as of 10:45 CDT.
Prices in Canadian dollars per metric ton at 10:45 CDT:
