By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, May 13 (MarketsFarm) – The ICE Futures canola market was mixed Friday morning, with gains in the old crop July contract and losses in the new crop months. Positioning ahead of the weekend was a feature.
Chicago Board of Trade soyoil was holding near unchanged in early activity, providing little direction. Malaysian palm oil was also narrowly mixed, although European rapeseed futures were posting small gains.
Tight old crop supplies and uncertainty over new crop production remained supportive for canola, especially as the western Prairies remain on the dry side while persistent rains in the eastern Prairies continue to delay spring seeding.
The Canadian dollar was firmer in early activity, recovering from the 18-month lows relative to its United States counterpart hit on Thursday.
About 2,700 canola contracts had traded as of 8:48 CDT.
Prices in Canadian dollars per metric ton at 8:48 CDT:
Price Change
Canola Jul 1,159.40 up 7.40
Nov 1,086.20 dn 1.70
Jan 1,088.10 dn 2.70
Mar 1,084.40 dn 4.40
