By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, April 8 (MarketsFarm) – The ICE Futures canola market was stronger at midday Thursday, after trading to both sides of unchanged in choppy activity.
“It’s like a craps table, one minute it’s higher and the next it’s going down,” said one trader on the volatile action in the futures. He said fund traders rolling positions out of the May contract accounted for some of the activity, but added that light volumes were exaggerating the price swings.
The nearby May contract traded within a C$32 per tonne range, touching fresh highs at one point before backing away to sit at more modest gains. New crop contracts lagged to the upside, despite dry weather concerns across the Prairies that were propping up spring wheat futures in the United States on Thursday, the trader added.
About 13,000 canola contracts traded as of 10:48 CDT.
Prices in Canadian dollars per metric tonne at 10:48 CDT:
Canola May 812.00 up 11.60
Jul 748.40 up 7.90
Nov 627.70 up 0.70
Jan 628.60 up 0.90