By Marlo Glass, MarketsFarm
WINNIPEG, June 23 – ICE Futures canola contracts were on either side of unchanged at midday Tuesday.
Relative strength in the July contract was attributed to traders positioning ahead of the contract’s expiry. “As we get closer to the beginning of the month, liquidation is accelerating,” said one Winnipeg-based trader.
Weakness in Chicago’s soy complex pressured canola values. Nearby soyoil contracts were lower by about a fifth of a cent at midday.
Relative strength in the Canadian dollar kept a lid on gains for canola values. The loonie was over 74 United States cents at midday.
Approximately 11,000 canola contracts were traded as of 10:45 CDT.
Prices in Canadian dollars per metric tonne at 10:45 CDT:
Price Change
Canola Jul 475.00 up 0.60
Nov 476.10 dn 0.90
Jan 482.40 dn 0.60
May 487.80 dn 0.60
