By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, April 4 (CNS Canada) – ICE Futures Canada canola contracts were holding within a narrow range at midday Tuesday, lacking any clear direction.
“We’re just chopping around here, and not sure which way to go,” said a Winnipeg-based canola broker.
“Farmers are sitting on their hands, but so are the buyers,” the broker added, noting that both sellers and end-users appeared to be waiting on some fresh news to push values one way or the other.
A similar choppy tone in the Chicago Board of Trade soy complex did little to move the canola market.
A weaker tone in the Canadian dollar provided some underlying support for canola. Tightening old crop supplies remained supportive as well.
About 9,000 canola contracts had traded as of 10:48 CDT, with inter-month spreading accounting for most of the volumes.
Milling wheat, durum, and barley futures were all untraded and unchanged.
