By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, April 13 (MarketsFarm) – The ICE Futures canola market was mixed Wednesday morning, with losses in the nearby old crop contracts and gains in the more deferred positions as the old/new crop spreads narrowed in.
While tight old crop supplies do remain supportive, attention in the market is turning to the new crop.
A winter storm hitting southern Manitoba and eastern Saskatchewan is expected to bring significant amounts of moisture to the region. However, the areas of Alberta and western Saskatchewan most in need of precipitation are forecast to remain cold and dry.
The Chicago Board of Trade soy complex was mixed early Wednesday, with losses in soybeans and soymeal, but a steadier tone in soyoil.
About 10,500 canola contracts had traded as of 8:46 CDT.
Prices in Canadian dollars per metric ton at 8:46 CDT:
Price Change
Canola May 1,148.60 dn 9.00
Jul 1,132.40 dn 3.00
Nov 1,023.30 up 4.60
Jan 1,023.80 up 4.70
