By Phil Franz-Warkentin, Commodity News Service Canada
May 11, 2015
Winnipeg – Canola contracts on the ICE Futures Canada platform were holding steady within fifty cents of unchanged at midsession Monday in thin and choppy activity.
A slightly firmer tone in CBOT soyoil and a slightly weaker Canadian dollar were both supportive for canola, according to participants.
A lack of significant farmer selling, as producers remain busy with spring seeding, helped underpin the market as well. However, buying interest on the other side is also lacking for the time being, keeping prices range-bound overall, according to a broker.
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Cold overnight temperatures in parts of Alberta and Saskatchewan were cited as a supportive influence as well, with some early seeded canola fields possibly needing to be replanted.
The USDA releases its monthly supply/demand report on Tuesday, and positioning ahead of the report kept some caution in the futures. This report will include the first official estimates from the USDA on US and world production for 2015/16.
About 6,000 canola contracts had traded as of 10:57 CDT.
Milling wheat, durum, and barley were all untraded.
Prices in Canadian dollars per metric ton at 10:57 CDT:
