By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, June 2 (CNS Canada) – ICE Futures Canada canola contracts were stronger at midday Friday, seeing a modest correction to end the week after posting large losses in recent sessions.
“We had some good fund selling into Thursday, and that died down today,” said a Winnipeg-based trader. He added that gains in Chicago Board of Trade soybeans also providing spillover support for canola.
Persistent weather concerns across Western Canada were also supportive, especially for the new crop contracts. Rains in northeastern Alberta were expected to cause further problems for producers still trying to seed in that area, while hot and dry conditions across most of the southern Prairies could stress the developing crops with many fields in need of moisture, said the trader.
Tightening old crop supplies were another supportive influence, although the trader said export demand was backing away.
The general technical trend also remains pointed lower, despite Friday’s correction.
About 21,000 canola contracts had traded as of 10:44 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
