By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, May 5 – (MarketsFarm) – ICE Futures canola contracts were narrowly mixed at midday Thursday, retreating from earlier gains as losses in Chicago Board of Trade soyoil futures spilled over to weigh on values.
Canola had posted solid gains in early activity, seeing a continuation of Wednesday’s advances. However, the early buying interest subsided and values drifted lower.
Weakness in the Canadian dollar, which was down by roughly half of a cent relative to its United States counterpart, did provide some support. Ongoing uncertainty over new crop production also underpinned the market.
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“Part of the strength in the market is that part of the Prairies is very dry and part is very wet,” said a trader, noting that seeding will likely be delayed at least another two weeks in southern Manitoba.
Statistics Canada releases its stocks as of March 31 report on Friday, which will provide a clearer picture on usage-to-date and available supplies heading into the new crop year.
About 10,000 canola contracts traded as of 11:02 CDT.
Prices in Canadian dollars per metric tonne at 11:02 CDT:
Price Change
Canola May 1,143.90 dn 0.70
Jul 1,078.60 up 1.10
Nov 1,081.10 up 0.30
Jan 1,086.70 up 8.00
