By Glen Hallick, MarketsFarm
WINNIPEG, April 26 (MarketsFarm) – ICE Futures canola contracts were mixed at midday Monday, with bids up for May, November and January, but down for July.
“May is the feature with short covering as we get into the last little bit of the May contract,” said a Winnipeg-based trader.
While July has seen new lows, he noted the new crop months have not.
Precipitation over the weekend, namely snow in many parts of the Prairies, added a slight delay to planting. However cool temperatures this week “are not conducive to planting,” the trader commented.
Soybeans prices on the Chicago Board of Trade are provided some support for canola bids, as is the Canadian dollar.
The loonie at was at 74.26 U.S. cents.
About 12,400 canola contracts were traded as of 10:28 CDT.
Prices in Canadian dollars per metric tonne at 10:28 CDT:
Price Change
Canola May 441.00 up 1.50
Jul 445.90 dn 0.30
Nov 459.90 up 0.10
Jan 466.90 dn 0.30