ICE Canola Mixed At Midday Friday

By Phil Franz-Warkentin, Commodity News Service Canada

WINNIPEG, May 19 (CNS Canada) – ICE Futures Canada canola contracts were mixed at midday Friday, with losses in the nearby July contract and a firmer tone in the more deferred positions.

Gains in Chicago Board of Trade soybeans and soyoil provided some underlying support for canola, according to participants.

Tightening old crop supplies were also supportive for canola, with modest end-user demand coming forward, according to a broker.

The Canadian Grain Commission reported visible canola supplies at only 854,600 tonnes, which was down sharply from the previous week and the first time stocks dipped below the million tonne mark since September 2016.

However, Thursday’s sharp losses did some damage from a technical standpoint, which weighed on prices. Strength in the Canadian dollar also accounted for some of the weakness in the front month, according to a broker.

While some areas of Western Canada remain wet, improving weather forecasts over the next five days should allow for some good seeding progress, according to a broker.

Canadian markets will be closed Monday, May 22, for Victoria Day, and positioning ahead of the long weekend accounted for some of the activity.

About 5,000 canola contracts had traded as of 10:59 CDT.

Milling wheat, durum, and barley futures were all untraded and unchanged.

Futures Prices as of May 19, 2017

Canola
2017-05-19 11:00
Price Change
Jul 520.4 -0.90
Nov 499.5 1.00
Jan 504.4 1.10
Mar 509.1 1.70
Milling Wheat
2017-05-19 00:00
Price Change
Jul 237.00 2.00
Oct 236.00 1.00
Dec 238.00 1.00
Mar 242.00 1.00
Durum
2017-05-19 00:00
Price Change
Jul 274.00 0.00
Oct 267.00 0.00
Dec 267.00 0.00
Mar 267.00 0.00
New Barley
2017-05-19 00:00
Price Change
Jul 138.00 0.00
Oct 140.00 0.00
Dec 140.00 0.00
Mar 140.00 0.00

Prices are in Canadian dollars per metric ton

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