By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, May 12 (MarketsFarm) – The ICE Futures canola market was mixed Wednesday morning, with losses in the nearby July contract and gains in the more deferred positions.
Speculative profit-taking accounted for some of the selling pressure in the July contract, with end-user buying interest also shifting to the new crop months.
Tight old crop supplies and dryness concerns for the new crop remained supportive, according to participants. However, strength in the Canadian dollar put some pressure on values.
The United States Department of Agriculture releases its monthly supply/demand report later in the day, and any surprises in the data will likely dictate the market direction by the close.
About 6,600 canola contracts had traded as of 8:46 CDT.
Prices in Canadian dollars per metric ton at 8:46 CDT:
Price Change
Canola Jul 931.10 dn 1.10
Nov 753.00 up 15.20
Jan 742.60 up 13.40
Mar 728.10 up 11.90
