By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, May 27 – (MarketsFarm) – ICE Futures canola contracts were mixed at midday Friday, with losses in the new crop months and a firmer tone in the nearby July contract.
Forecasts calling for more precipitation in the eastern Canadian Prairies over the weekend will prolong the already slow seeding pace in the region, but a ‘rain makes grain’ mindset was likely weighing on prices, according to an analyst.
Chicago Board of Trade soyoil futures were softer at midday, putting some pressure on canola values. Malaysian palm oil backed away from earlier gains to post losses as well, but European rapeseed was seeing small gains on the day.
Markets in the United States will be closed Monday, May 30, for Memorial Day while the canola market will trade its usual hours. Positioning ahead of weekend was a feature, although volumes were light on Friday.
About 3,900 canola contracts traded as of 10:43 CDT.
Prices in Canadian dollars per metric tonne at 10:43 CDT:
Canola Jul 1,184.30 up 5.30
Nov 1,074.70 dn 6.20
Jan 1,078.10 dn 7.20
Mar 1,078.20 dn 5.90
