By Terryn Shiells, Commodity News Service Canada
WINNIPEG, May 25 – The ICE Futures Canada canola market was mixed at midday Monday amid very choppy, directionless activity as US markets were closed for Memorial Day.
Canola is looking expensive compared to other oilseeds, which should keep the market from moving too far one way or the other without the influence of the Chicago soy complex on Monday, according to a broker.
The Canadian currency was also little changed on Monday, providing little direction for the canola market.
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Some support came from worries about dry weather in some parts of the western Prairies, with wetness a concern for some farmers in Manitoba.
Traders are also concerned about the tight supply situation for canola. They’re also still unsure about how many canola acres will be planted this spring.
On the other side, the large global oilseed supply situation, as US and South American soybean crops this year will be very large, weighed on values.
Weakness in Malaysian palm oil futures overnight was also bearish, though European rapeseed values were showing some firmness.
As of 10:40 CDT Monday, about 3,315 contracts traded.
Milling wheat, durum and barley futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:40 CDT:
