By Terryn Shiells, Commodity News Service Canada
Winnipeg, June 18 – The ICE Futures Canada canola market was mostly lower at midday Thursday, consolidating after rallying sharply higher on Tuesday and Wednesday, traders said.
A lack of activity from domestic crushers also kept things quiet, as they sit on the sidelines waiting for margins to improve, according to a broker. Much of the day’s trade was linked to routine export pricing and small speculative activity, he added.
Strength in the Canadian currency, weakness in Chicago soyoil futures and forecasts calling for rain in parts of Alberta for the next three to five days were bearish.
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Though, ideas that the precipitation will be too little, too late, were supportive, as were worries about wet weather reducing US soybean acreage.
Strength in CBOT soybean futures and reports of very cool weather overnight in parts of Manitoba and Saskatchewan were also bullish. Temperatures fell to 0 degrees Celsius in some regions, which likely didn’t cause much damage to canola crops, but is slowing crop development.
As of 10:31 CDT Thursday, about 10,600 contracts traded. Spreading was a feature of the activity.
Milling wheat, durum and barley futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:31 CDT:
