By Terryn Shiells, Commodity News Service Canada
Winnipeg, May 7 – The ICE Futures Canada canola market was holding relatively steady, lacking any clear direction amid quiet activity on Thursday.
Farmers were staying away from marketing, as they’re busy with spring field work and preparing for the upcoming growing season. Much of the activity was linked to local traders making some small moves, according to a broker.
Some downward pressure came from the declines seen in outside oilseed markets, including the Chicago soy complex and European rapeseed futures.
Generally good conditions for spring seeding in North America and the large global oilseed supply situation were also bearish.
On the other side, the sharply lower Canadian dollar was supportive, as it made canola less expensive to exporters.
Concerns about tight supplies of canola, as recent acreage and stocks reports have come in below expectations, were also underpinning values.
As of 10:36 CDT Thursday, about 3,950 contracts had traded.
Milling wheat, durum and barley futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:36 CDT:
