By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, May 23 (MarketsFarm) – The ICE Futures canola was mixed Tuesday morning as activity resumed following the Victoria Day long weekend. The nearby July contract was posting solid gains, while the more deferred new crop months were lower.
The Chicago soy complex was stronger on Monday when Canadian markets were closed but was softer Tuesday morning.
Tightening old crop supplies and the need to ration some demand ahead of the harvest likely contributed to the buying interest in the front month. Meanwhile, Western Canadian farmers were thought to be making good seeding progress, which weighed on the new crop months.
About 18,300 canola contracts had traded as of 8:42 CDT.
Prices in Canadian dollars per metric ton at 8:45 CDT:
Canola Jul 702.40 up 5.00
Nov 667.60 dn 1.80
Jan 671.40 dn 2.10
Mar 673.50 dn 4.80
