By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, May 4 (CNS Canada) – ICE Canada canola contracts were mixed Thursday morning, with losses in the new crop months and a firmer tone in the nearby July contract.
Early declines in Chicago Board of Trade soybeans put some pressure on canola. Large South American crops and improving North American seeding weather contributed to the weaker tone in canola.
However, soyoil futures were holding steady in Chicago and the Canadian dollar remained below 73 US cents, which kept domestic crush margins supportive.
Concerns over tightening old crop supplies and the need to ration demand going forward also helped prop up the July contract, according to participants.
Statistics Canada releases its March 31 stocks report on Friday and positioning ahead of the data should be a feature. Pre-report estimates on the amount of canola still around in the countryside vary widely, which may put more attention on this report than normal.
About 2,300 canola contracts had traded as of 8:54 CDT.
Milling wheat, durum, and barley futures were all untraded.
