By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, June 1 (MarketsFarm) – The ICE Futures canola market was mixed at midday Thursday, with losses in the nearby July contract and gains in the more deferred months as the old/new crop spread narrowed in.
Ideas that recent losses were overdone accounted for some of the buying interest, with gains in most outside markets providing spillover support. Chicago soyoil, European rapeseed, Malaysian palm oil and crude oil were all higher on the day.
On the other side, relatively favourable Prairie crop weather kept a lid on the upside. A firmer tone in the Canadian dollar was also bearish, with the currency up by nearly half a cent relative to its United States counterpart.
About 26,800 canola contracts traded as of 10:50 CDT.
Prices in Canadian dollars per metric tonne at 10:50 CDT:
Canola Jul 645.90 dn 3.60
Nov 626.50 up 1.70
Jan 632.00 up 1.00
Mar 637.80 up 1.20
