By Dave Sims, Commodity News Service Canada
WINNIPEG, June 5 – Canola contracts on the ICE Futures Canada platform were mixed at 10:45 CDT Thursday, with a firmer tone in July, but losses in the more deferred positions.
Concerns over unseeded acres have given way to a weakening undertone in oilseeds and an old crop bean market that is showing some cracks, said an analyst, noting beans have been high for very long and a lot of money in that sector is starting to flush out.
Today’s action mainly sees routine buyers and sellers with no groups doing anything special, he added.
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Selling in the US is coming from an abandonment of the tight, old crop scenario, a broker said.
Good prospects for large crops in both the US and Canada can’t do anything but pressure prices, moving forward, he added.
On the other side, chart-based buying and end-user bargain hunting provided some support, helping July move higher. A lack of significant farmer selling helped underpin the futures as well.
Around 18,000 contracts had traded as of 10:45 CDT, Thursday, with the July/November spread accounting for the bulk of the activity.
Milling wheat, durum, and barley futures were untraded and unchanged, after seeing some price revisions following Wednesday’s close.
Prices in Canadian dollars per metric ton at 10:45 CDT:
