By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, May 27 (MarketsFarm) – ICE Futures canola contracts were posting small gains in most active contracts Monday morning, although activity was thin and choppy with many participants keeping to the sidelines.
The Chicago Board of Trade was closed Monday for Memorial Day, and canola traders were showing a reluctance to push values too far one way or the other in the absence of the influence from the soy complex.
The Canadian dollar was also holding steady on Monday, providing little direction.
Dryness concerns in parts of the Prairies and expectations for reduced canola acres were somewhat supportive, according to participants.
However, the ongoing uncertainty over trade relations with China remained a bearish influence in the background.
About 3,200 canola contracts traded as of 10:53 CDT.
Prices in Canadian dollars per metric tonne at 10:53 CDT:
Price Change
Canola Jul 445.20 up 0.80
Nov 458.60 up 0.70
Jan 463.30 up 0.20
Mar 468.30 up 0.20
