By Dave Sims, Commodity News Service Canada
WINNIPEG, June 19 – Canola contracts on the ICE Futures Canada platform were narrowly mixed Thursday morning after chopping around both sides of unchanged in overnight activity. The market was seeing some range-bound consolidation following yesterday’s rally.
Concerns over potential acreage losses in Manitoba, which one participant pegged at between 600,000 to 1 million acres, as well as other losses in Saskatchewan, lended support. Rains in Alberta weren’t as heavy as feared after initial concerns of flooding.
A lack of significant farmer selling was also supportive.
The large amount of old-crop canola supplies is keeping a lid on the upside, according to a report.
US soy complex was mixed providing little direction.
About 1,700 canola contracts had traded as of 8:50 CDT.
Milling wheat, durum, and barley futures were all untraded after seeing some price revisions following Wednesday’s close.
Prices in Canadian dollars per metric ton at 8:50 CDT:
