By Jade Markus, Commodity News Service Canada
WINNIPEG, May 17 – ICE Canada canola contracts were slightly higher at midday on Wednesday.
“We’re kind of treading water here, not sure where to go — watching the financials have a meltdown,” said one Winnipeg-based trader.
Weakness in global stock markets added a sense of uncertainty to commodities, but canola’s fundamentals kept values underpinned.
Some areas in the west are still seeing below average temperatures, the trader said, which is keeping fields wet and causing producers to struggle with getting crops in the ground.
Spillover support from Chicago Board of Trade soybeans and soy oil furthered canola’s advances.
“But we’re kind of quiet with lighter volumes.”
About 6,421 contracts had traded as of 11:02 a.m. CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric tonne at 11:02 a.m. CDT:
