By Dave Sims, Commodity News Service Canada
WINNIPEG, June 11 – Canola contracts on the ICE Futures Canada platform were down slightly at 10:44 CDT Wednesday, on routine trading activity ahead of the release of the monthly USDA report.
Canola is generally following the soybean market right now, said an analyst, noting new crop canola seems to be holding up well. There’s little for traders to dig their teeth into right now with routine buying below the market and sellers above, he said.
The impact of the report will likely be minimal, he said. However, USDA reports have been known to cause volatility anyway, that’s just the nature of the market at times. The odds of getting any fresh news is low, he said.
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Everyone knows the old soybean crop situation is tight right now, he concluded. Until surveyed corn and bean estimates become available in August, there will be a lot of guessing.
Palm oil, rapeseed and soy oil are all weaker today.
Around 8,500 contracts had traded as of 10:44 CDT, Wednesday, with the July/November spread accounting for the bulk of the activity.
Prices in Canadian dollars per metric ton at 10:44 CDT:
