By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, May 10 (CNS Canada) – ICE Futures Canada canola contracts were narrowly mixed at midday Wednesday, with gains in the nearby July contract and a softer tone in the new crop months.
The USDA releases its monthly supply/demand report at 11:00 CDT, and traders on both sides of the border were showing a reluctance to push values too far one way or the other ahead of the data.
Tightening old crop supplies contributed to the firmer tone in the July contract. There are also more than enough weather concerns across the Prairies to keep prices underpinned, especially as some producers still grapple with cleaning up unharvested fields from 2016, according to traders.
Weather conditions are relatively favourable for spring field work across most of Western Canada on Wednesday, but the forecasts turn wetter later in the week in Alberta.
About 3,000 canola contracts had traded as of 10:27 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
