By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, May 2 (CNS Canada) – ICE Futures Canada canola contracts were narrowly mixed at midday Wednesday, with losses in the front months and a firmer tone in the more deferred positions.
Gains in Chicago Board of Trade soyoil, which was recovering off of contract lows, provided some spillover support for canola.
A lack of significant farmer selling, as producers turn their attention to spring seeding, added to the firmer tone in canola, according to participants.
However, losses in CBOT soybeans put some pressure on values. Expectations that Canadian canola acres will end up well above the official Statistics Canada estimate also tempered the advances.
About 9,500 canola contracts had traded as of 10:55 CDT.
