By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, May 31 (CNS Canada) – ICE Futures Canada canola contracts were mixed at midday Wednesday, with losses in the nearby July contract and a firmer tone in the more deferred positions.
Bearish chart signals and a slow-down in end-user demand accounted for the continued weakness in the front month following Tuesday’s sharp break lower, according to market participants.
However, tightening old crop supplies and persistent seeding delays in parts of Western Canada remained supportive and helped the new crop contracts move higher.
Weakness in the Canadian dollar, which was trading back below 74 US cents, also helped underpin canola as the softer currency makes prices more attractive to international buyers.
About 16,000 canola contracts had traded as of 10:43 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
