By Dave Sims, Commodity News Service Canada
WINNIPEG, April 16 – Canola contracts on the ICE Futures Canada platform were lower at 10:40 CDT Thursday, as large funds liquidated contracts, according to a trader.
“It just seems like there’s liquidation in the market, funds are bailing I think. Anyone that’s spec long is getting out,” said the trader.
The Canadian dollar was stronger against its US counterpart which contributed to the declines, as it made canola less attractive to domestic crushers and exporters.
The US soy complex was lower which also pressured values.
However investors are reluctant to sell too sharply until a better view of this year’s crop is available.
Some traders positioned themselves in advance of the Statistics Canada planting intentions report due out next week, while farmers were reluctant sellers due to the proximity of spring planting.
Around 17,000 contracts had traded as of 10:40 CDT, Thursday.
Milling wheat, durum and barley were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:40 CDT:
