By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, May 3 (MarketsFarm) – The ICE Futures canola market traded to both sides of unchanged overnight, with the bias turning lower Wednesday morning with the largest losses in the new crop November contract.
The widening old/new crop spread was a feature of the activity, as attention turns to the upcoming growing season.
Seeding operations are in their early stages in parts of Western Canada, with weather conditions relatively favourable.
Losses in Chicago soyoil and European rapeseed futures put some pressure on the Canadian oilseed, with crude oil also weaker. However, Malaysian palm oil was posting small gains.
About 5,500 canola contracts had traded as of 8:44 CDT.
Prices in Canadian dollars per metric ton at 8:44 CDT:
Canola Jul 708.10 dn 1.30
Nov 680.50 dn 2.90
Jan 688.20 dn 1.00
Mar 692.60 dn 1.10
