By Terryn Shiells, Commodity News Service Canada
Winnipeg, May 6 – The ICE Futures Canada canola market was mixed amid choppy activity at midday Wednesday, with nearby contracts moving lower, and more deferred positions posting small gains.
Some downward pressure came from the stronger Canadian dollar, as it made canola less attractive to crushers and exporters, traders said.
The large global oilseed supply situation and generally favourable conditions for seeding in North America this spring were also bearish.
On the other side, spillover buying came from the gains seen in the Chicago soy complex, Malaysian palm oil and European rapeseed futures.
Tighter than expected supplies of canola in the Statistics Canada stocks as of March 31, 2015 report, were also somewhat supportive. StatsCan pegged canola stocks as of March 31 at 7.0 million tonnes, a few hundred thousand tonnes below pre-report guesses.
As of 10:30 CDT Wednesday, about 9,175 contracts had traded.
Milling wheat, durum and barley futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:30 CDT:
