By Phil Franz-Warkentin, Commodity News Service Canada
May 13, 2015
Winnipeg – Canola contracts on the ICE Futures Canada platform were steady to lower at midday Wednesday, with a strengthening Canadian dollar and softer tone in CBOT soyoil behind some of the weakness.
Activity was thin and choppy, with both buyers and sellers reluctant to push values too far one way or the other, according to participants.
Farmer selling remains relatively lackluster, as producers continue to focus on spring seeding. However, end users are also in “no big rush” to make any purchases, according to a trader.
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The need to keep some weather premiums in the futures heading into the growing season was somewhat supportive, although conditions remain generally favourable for the time being. A trader noted that after waiting for a spring rally that never came, the market was now waiting for a summer rally that may, or may not, materialize.
About 6,700 canola contracts had traded as of 10:51 CDT.
Milling wheat, durum, and barley were all untraded.
Prices in Canadian dollars per metric ton at 10:51 CDT:
