By Terryn Shiells, Commodity News Service Canada
WINNIPEG, April 2 – The ICE Futures Canada canola market was steady to slightly higher amid choppy activity midday Thursday, as traders evened positions ahead of the long weekend, analysts said. Canadian and US markets will be closed for Good Friday on April 3.
The choppy tone in the market was also linked to the Chicago soy complex, as soybeans moved lower and soyoil futures were stronger.
A lack of activity from the funds on either side was also keeping canola within a narrow range, brokers added.
Some downward pressure came from the upswing in the value of the Canadian dollar, as it made canola more expensive on the international market.
On the other side, the need to keep a weather premium in the market ahead of spring seeding provided some underlying support.
As of 10:36 CDT Thursday, about 8,100 contracts had traded.
Milling wheat, barley and durum futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:36 CDT:
