By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, April 21 (MarketsFarm) – The ICE Futures canola market was mixed at midday Friday, with gains in the front months and losses in the new crop contracts.
Speculators covering short positions accounted for some of the activity in the nearby contracts, with intermonth spreading a feature.
Weakness in the Canadian dollar also provided some support, with wide crush margins also underpinning the futures.
However, losses in outside markets, including Chicago soyoil and European rapeseed, accounted for some spillover selling pressure in the Canadian market. Expectations for a large crop in 2023, despite possible seeding delays in parts of the Prairies, also weighed on values.
About 18,300 canola contracts traded as of 10:41 CDT.
Prices in Canadian dollars per metric tonne at 10:41 CDT:
Canola May 760.30 up 2.50
Jul 728.00 up 0.10
Nov 700.00 dn 0.90
Jan 705.00 dn 0.80
