By Dave Sims, Commodity News Service Canada
WINNIPEG, June 11 – Canola contracts on the ICE Futures Canada platform were bouncing around unchanged at 10:50 CDT Thursday in volatile trading.
Forecasts calling for rain in Alberta and Saskatchewan later this week have been downgraded, noted a trader, who explained it had caused some wild swings in early trading.
“They’ve taken out that inch of rain they were looking for and now it’s down to three-tenths, so that is a concern,” said the trader.
The US soy complex was weaker which put downward pressure on values while Malaysian palm oil and European rapeseed futures were lower.
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On the other side, the Canadian dollar was weaker against its US counterpart which made canola more attractive to domestic crushers and exporters.
Canola prices are at a level where buying may develop, according to a report.
Around 20,000 contracts had traded as of 10:50 CDT, Thursday.
Milling wheat, durum and barley were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:50 CDT:
Price Change
Canola Jul 490.00 up 0.10
Nov 488.50 dn 0.40
Jan 485.30 dn 0.80
Milling Wheat Jul 217.00 unch
Oct 222.00 unch
Durum Jul 298.00 unch
Oct 298.00 unch
Barley Jul 205.00 unch
Oct 200.00 unch
