By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, April 30 (CNS Canada) – ICE Futures Canada canola contracts were narrowly mixed in the most active contracts at midday Monday, in thin and choppy activity.
Supportive chart signals and early advances in Chicago Board of Trade soybeans helped underpin the futures, according to a trader. A lack of significant farmer selling pressure was also supportive, as good weather across the Prairies has farmers busy with fieldwork.
However, the warm and dry conditions were also somewhat bearish, as most analysts remain of the opinion that actual seeded canola area will still end up higher on the year despite last week’s Statistics Canada forecast that predicted a seven per cent decline in acres.
Golden week holidays in Japan were said to be limiting some activity from that major canola buyer.
About 5,200 canola contracts had traded as of 10:55 CDT.
