By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, April 16 (CNS Canada) – ICE Futures Canada canola contracts were weaker Monday morning, taking some direction from declines in Chicago Board of Trade soybeans and soyoil.
Continued strength in the Canadian dollar contributed to the declines, as the rising currency cuts into crush margins.
However, snow in Alberta is forecast to move into Saskatchewan and the lingering winter conditions across much of Western Canada provided underlying support, according to a broker. A lack of significant farmer selling, as the weather uncertainty has producers holding out for better prices and spring road bans hamper country movement, also tempered the declines.
About 9,100 canola contracts had traded as of 10:45 CDT, with intermonth spreading a feature as fund traders rolled their positions out of the May contract and into July.
