By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, May 17 (MarketsFarm) – The ICE Futures canola market was mixed at midday Monday, with the old crop July contract up its daily C$45 per tonne limit and a steady tone in the more deferred new crop months.
Tight old crop supplies remained a key driver in the front month, with gains in Chicago Board of Trade soyoil and chart-based speculative positioning contributing to the gains.
However, forecasts calling for much needed rain in dry areas of Western Canada over the next week put some pressure on the new crop contracts, according to participants.
Strength in the Canadian dollar was also bearish for values.
About 9,600 canola contracts traded as of 10:35 CDT.
Prices in Canadian dollars per metric tonne at 10:35 CDT:
Price Change
Canola Jul 916.80 up 45.00
Nov 741.90 dn 0.30
Jan 734.50 up 0.70
Mar 721.50 up 0.20
