By Glen Hallick, Commodity News Service Canada
WINNIPEG, Jan. 24 (CNS Canada) – Canola bids were bouncing around midday Thursday, although one Winnipeg-based trader said things could change with a couple of trades.
He said soybeans were down earlier on Thursday and the Canadian dollar was up a little, but he considered those factors to be “almost insignificant.”
Unless bids changed by C$3 to C$5 dollars, he considered today’s movement to only “random daily noise.”
However, he noted cash bids in Manitoba were good, at approximately C$11 per bushel, which could bring the basis levels up to zero.
“That’s not across the board, but a few clients have called and said, ‘this is what I’m seeing on the cash side. What do you think?’” the trade said, adding things could change course on Friday.
About 11,525 canola contracts were traded as of 10:42 CST.
