WINNIPEG – ICE Futures canola contracts were holding within fifty cents of unchanged in the most active months at midday Monday, lacking any clear direction as traders digested the latest North American weather news.
“It’s pretty quiet here,” said a Winnipeg-based trader, adding that participants were just watching the weather and waiting for some fresh market moving news. “How much rain did we get or not get?” the trader asked.
The United States Department of Agriculture releases its monthly supply/demand report on Thursday, and positioning ahead of the data is expected to be a feature, with any surprises likely to lead to some volatility.
Chicago Board of Trade soybeans were holding near unchanged at midday, providing little direction for canola. However, soyoil was higher.
About 8,100 canola contracts traded as of 10:56 CDT.
Prices in Canadian dollars per metric tonne at 10:56 CDT:
Price Change
Canola Nov 443.20 up 0.40
Jan 450.00 up 0.40
Mar 456.60 up 0.60
May 462.30 up 0.60
