By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, May 14 (MarketsFarm) – The ICE Futures canola market was mixed Friday morning, with continued losses in the nearby July contract but a firmer tone in the new crop months as the July/November spread narrowed in.
Commercial buying interest has largely shifted into the new crop months, causing speculative profit-taking to weigh on the front month, according to traders.
Strength in the Canadian dollar also put some pressure on canola.
However, the new crop contracts were all higher. Tight old crop supplies and persistent dryness concerns across Western Canada remained supportive.
Gains in Chicago Board of Trade soybeans and soyoil also underpinned the canola market.
About 7,000 canola contracts had traded as of 8:46 CDT.
Prices in Canadian dollars per metric ton at 8:46 CDT:
Canola Jul 841.90 dn 15.40
Nov 742.80 up 5.90
Jan 734.90 up 7.80
Mar 718.70 up 5.80
Futures Prices as of May 14, 2021
Prices are in Canadian dollars per metric ton