By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, April 3 (CNS Canada) – ICE Futures Canada canola contracts were mixed at midday Monday, with losses in the front months and a firmer tone in the new crop contracts.
Canola was taking direction from activity in the Chicago Board of Trade soy complex, according to a broker.
Last week’s bearish US Department of Agriculture acreage and stocks data continued to weigh on the front months in soybeans, which spilled into canola.
However, the broker said canola appeared to be finding some support from a chart standpoint.
Tightening old crop canola supplies, ideas that US soybean acres won’t end up as large as forecast, weakness in the Canadian dollar, a lack of farmer selling, and attractive crush margins were all cited as providing some support for canola as well.
About 8,500 canola contracts had traded as of 10:44 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
