By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, April 19 (MarketsFarm) – The ICE Futures canola market was trading to both sides of unchanged on Wednesday, with the bias to the upside in most months at midsession.
Concerns over spring seeding delays accounted for some of the strength in the new crop months, according to a trader pointing to cold Prairie temperatures and a storm bringing snow to parts of Saskatchewan and Manitoba.
Meanwhile, fund positioning continued to prop up the old crop contracts as speculators were busy covering short positions and rolling out of the front month ahead of its expiry.
A turn higher in Chicago soyoil was also supportive for canola, although European rapeseed was lower on the day.
About 22,600 canola contracts traded as of 10:44 CDT.
Prices in Canadian dollars per metric tonne at 10:44 CDT:
Canola May 783.40 up 1.60
Jul 753.20 dn 0.10
Nov 718.60 up 2.20
Jan 722.70 up 2.40
