By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, April 28 (CNS Canada) – ICE Futures Canada canola contracts were mixed at midday Friday, with losses in the front months and gains in the new crop contracts.
Losses in the Chicago Board of Trade soy complex accounted for some spillover selling pressure in canola, with large South American crops and expectations that Midwestern farmers will shift more land out of corn and into soybeans weighing on the US futures.
Relatively favourable old crop cash prices also brought in more farmer sales over the past week, which contributed to the losses in the nearby canola contracts, according to participants.
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However, persistent cool and wet conditions in Western Canada helped prop up the new crop contracts, as up to two million acres of unharvested grain and oilseeds are still waiting to be cleaned up from 2016 and concerns mount over spring seeding delays.
Weakness in the Canadian dollar, which was trading right above the 73 US cent mark at midday, was also supportive for canola.
About 9,700 canola contracts had traded as of 10:46 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
