By Dwayne Klassen, Commodity News Service Canada
WINNIPEG, May 9/13 – Canola contracts on the ICE Futures Canada platform were trading in a mixed range with the nearby July future up and the remaining active contracts down at 10:17 CDT Thursday morning.
The gain in the July future was associated with the tight old crop supply situation while the deferreds were undermined by the improved weather on the Canadian prairies that was allowing spring fieldwork to take place and in some cases seeding progress, market watchers said.
Activity in canola was on the light side with only the July, Nov and Jan contracts actually being traded. Some market participants were said to have taken to the sidelines to await the outcome of new supply/demand balance sheets scheduled to be released by the USDA on Friday.
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Some of the support in the nearby July future was also linked to the general firmness seen in CBOT soybean and soyoil futures, brokers said.
A drop off in domestic crusher and export demand helped to weigh on prices with the strong value of the Canadian dollar also generating some bearish sentiment in canola, brokers said.
Chart related selling added to some of the downward price action seen in the deferred canola contracts, brokers said.
At 10:17 CDT, about 3,419 canola contracts had changed hands. Spreading was a minor feature accounting for 1,716 of the contracts traded.
Milling wheat, durum, and barley futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:17 CDT:
