By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, April 15 (MarketsFarm) – The ICE Futures canola market was mixed at midday Thursday, with losses in the nearby May contract and a firmer tone in the other active months.
The narrowing of the May/July spread was a feature, according to a trader, as investors booked profits on their long positions in the front month and rolled those positions forward.
Gains in the Chicago Board of Trade soy complex provided spillover support for canola, according to participants.
Tight old crop supplies remained a major supportive influence in canola, although attention was turning to the new crop.
Recent moisture in parts of Western Canada helped alleviate dryness concerns to some extent, but more precipitation will be needed through the growing season.
About 12,500 canola contracts traded as of 10:52 CDT.
Prices in Canadian dollars per metric tonne at 10:52 CDT:
Canola May 824.60 dn 2.60
Jul 756.00 up 0.30
Nov 638.90 unchanged
Jan 640.10 up 1.40