By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, April 27 (CNS Canada) – ICE Futures Canada canola contracts were mixed at midday Thursday, with losses in the front months and gains in the new crop contracts as the old/new crop spreads narrowed in.
Persistent weather concerns in Western Canada were helping prop up the new crop contracts, keeping a bid in the market as the cool and wet conditions are expected to lead to seeding delays.
Meanwhile, recent strength in the futures and the resulting gains in the cash market triggered farmer sales of old crop canola, which weighed on the front months, said a broker.
A softer tone in Chicago Board of Trade soyoil also weighed on canola. However, the recent weakness in the Canadian dollar remained supportive on the other side.
About 9,000 canola contracts had traded as of 10:45 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
