WINNIPEG–Canola contracts on the ICE Futures Canada platform
were weaker at 10:40 CDT Tuesday, as funds liquidated net long
positions in July and soybeans dragged markets lower.
The spread activity was heavy, with the July/November spread
accounting for a good percentage of the volume. Spec selling was
another feature.
Funds are still net long in July, and were busy liquidating those
positions, according to a broker.
On the buy side, crushers are taking advantage of the cheaper
coverage to book some coverage, an analyst said.
Farmers are still actively planting or getting ready to spray
and do fieldwork so some of their selling is off the market.
Weakness in the Canadian dollar was also lending some support
to canola.
Around 13,000 contracts had traded as of 10:40 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 Monday’s
close.
Prices in Canadian dollars per metric ton at 10:40 CDT:
