By Dave Sims, Commodity News Service Canada
WINNIPEG, June 9 – Canola contracts on the ICE Futures Canada platform were slightly lower at 10:45 CST Monday, as a rally in beans and overall mixed tone in the US pressured canola on a light trading day.
Spreads have been a feature while commercial activity is moving July positions out into November, according to an analyst. Some line companies have quit pricing July which will push the volume out of July and into November, he added.
The November crop is getting some support from seeding delays in Saskatchewan and Manitoba. Large old crop supplies are still hanging over the market but farmers haven’t been interested in moving product here for the past little while, a broker said. While this has limited the selling pressure he expects that to increase as seeding wraps up.
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Around 5,750 contracts had traded as of 10:45 CDT, Monday, with the July/November spread accounting for the bulk of the activity.
Prices in Canadian dollars per metric ton at 10:45 CDT:
