By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, June 12 (CNS Canada) – ICE Canada canola contracts were mixed Monday morning, with a firmer tone in the nearby July contract and losses in the new crop months.
Beneficial rainfall hit some of the dry regions of Western Canada over the weekend, accounting for some of the selling pressure to start the week. More moisture is in the forecasts for some of the driest areas later this week.
Early losses in the Chicago Board of Trade soy complex were also bearish for canola.
However, tight nearby supplies remained supportive for the front month. There are also still more than enough areas of concern across the Prairies to keep some weather premiums in the futures.
About 3,300 canola contracts had traded as of 8:53 CDT, with intermonth spreading between the July and November futures a feature as participants exit the nearby contract.
Milling wheat, durum, and barley futures were all untraded.
