By Dave Sims, Commodity News Service Canada
WINNIPEG, May 11 (CNS) – Canola contracts on the ICE Futures Canada platform were mixed at midday Friday, as traders reacted to the release of Statistics Canada’s grain and oilseed stocks report. The report pegged canola stocks as of March 31 at a massive 9.1 million tonnes, the second-highest amount ever for that time of year. That pressured the front-month July contract.
Slow farmer selling help limit the losses.
“Farmers are super busy in the field doing other things which is allowing the July to tick up (off its lows),” said a trader in Winnipeg.
He added funds were essentially doing nothing right now, which explained the low volume activity.
Some buying interest continues to be shown by China, which lent some support to the market.
About 3,700 canola contracts had traded as of 10:50 CDT.
Prices in Canadian dollars per metric ton at 10:50 CDT:
