By Dave Sims, Commodity News Service Canada
WINNIPEG, June 2 – Canola contracts on the ICE Futures Canada platform were weaker at 10:45 CDT Monday, due to technical trading on a light, quiet day of action.
Canola held up strongly on Friday when the US market was bearish, so it’s giving back some of that strength today, an analyst said.
Canola has been able to gain some strength due to the fact the Canadian situation is still relatively uncertain, compared to the US which is having a ‘dream season’. Grower selling is probably backing off right now but commercials are steady buyers, according to a broker. Today should mark mostly routine business with no dominant issues.
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While the market is worried a bit about late seeding in Canada, there don’t appear to be any major issues underlying it. The US crop looks like it’s going to be off to a big enough start that it will keep a lid on things for a while, an analyst said.
About 12,000 canola contracts had traded as of 10:45 CDT, with the July/November spread accounting for the bulk of the activity.
Milling wheat, durum, and barley futures were untraded and unchanged, after seeing some price revisions following Friday’s close.
Prices in Canadian dollars per metric ton at 10:45 CDT:
