By Jade Markus, Commodity News Service Canada
WINNIPEG, June 5 – The ICE Canada canola market was stronger at midday on Monday, with the front July contract leading the way.
Investors are pushing the market back up, after losses in previous sessions, one Winnipeg-based analyst said, though he added that the strength may not last.
“It kind of dropped off there a bit and now it’s getting a brisk rebound,” he said.
“But nobody is going to play around being short at the end of the month.”
The canola market is seeing independent strength on Monday, as sluggish US markets did little to sway values. Chicago Board of Trade soy oil was mostly steady at midday.
The Canadian dollar was unchanged against its US counterpart on Monday, which also allowed the market to move on technical factors.
About 13,275 canola contracts had traded as of 10:40 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
