By Glen Hallick, MarketsFarm
WINNIPEG, Nov. 1 (MarketsFarm) – ICE Futures canola contracts were trading steady to lower at midday Friday, as the “fireworks” from the November contract has largely subsided with the focus on January, said a Winnipeg-based trader.
“I wouldn’t be surprised to see canola to continue trading on both sides as the other markets do the same,” he commented, adding volumes have greatly declined with far less spread activity.
The trader said the Prairie harvest “is at a snail’s pace” with 80 per cent or more of all crops off the fields.
There was little bit of support from the Chicago soy complex, with its bids slightly higher on news that Phase One of the U.S./China trade deal will still be signed later this month.
The Canadian dollar has been steady so far today, presently at 76.03 U.S. cents after closing Thursday at 75.99.
Approximately 9,100 canola contracts were traded as of 10:58 CDT.
Prices in Canadian dollars per metric tonne at 10:58 CDT:
Price Change
Canola Jan 457.00 dn 0.40
Mar 466.30 dn 0.50
May 475.20 dn 0.40
Jul 482.30 dn 0.50
