ICE Canola Mixes Around as Traders Prepare for Stocks Report
By Dave Sims, Commodity News Service Canada
WINNIPEG, May 3 – Canola contracts on the ICE Futures Canada platform were mixed at 10:43 CDT on Wednesday, with the nearby July contract supported by gains in soyoil.
The prevailing theory across most agricultural circles is that canola stocks in Canada are dwindling away, which is lending support to the market.
There are deep concerns about the quality of the canola still left out in Prairie fields due to recent rains.
Traders are unlikely to make any big moves between now and the release of Friday’s stocks report by Statistics Canada.
However, losses in soybeans and Malaysian palm oil were bearish for the market.
Weather conditions have turned warm which should enable farmers to start seeding.
About 6,500 canola contracts had traded as of 10:43 CDT.
Milling wheat, barley and durum were all untraded.
Prices in Canadian dollars per metric ton at 10:43 CDT:
