By Phil Franz-Warkentin, Commodity News Service Canada
May 6, 2013
Winnipeg – ICE Canada canola contracts were narrowly mixed Monday morning, with small gains in the nearby July contract and a softer tone in the deferred new crop months.
Tightening supplies, solid end user demand, and supportive technical signals helped keep the old crop July future well supported, according to participants. The contract did test psychological chart support at C$600 per tonne in overnight activity, but managed to move back above that level.
For the new crop months, improving seeding weather across western Canada accounted for some of the weakness. With temperatures warming up and fields starting to dry off, producers in many areas are expected to begin to make some seeding progress over the next week.
A softer tone in Chicago soybeans accounted for some spillover selling pressure in the canola market as well.
About 750 canola contracts had traded as of 8:47 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged Monday morning.
Prices in Canadian dollars per metric ton at 8:47 CDT:
