By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, March 12 (CNS Canada) – ICE Futures Canada canola contracts were lower at midday Monday, with the most active front months posting the largest losses as the old/new crop spreads narrowed in.
After posting sharp losses on Friday, activity was more subdued to start the week, as traders adjusted positions and kept an eye out for fresh news.
Soybean futures at the Chicago Board of Trade were mixed at midday, providing little direction for the Canadian market.
Improving moisture forecasts out of Argentina were slightly bearish for the oilseeds in general, although a broker said the precipitation may be ‘too little, too late’ to provide much relief for the crops in the South American country.
Attention is also starting to turn to North American conditions, with spring seeding just around the corner.
About 6,500 canola contracts had traded as of 10:53 CDT.
