By Glen Hallick, MarketsFarm
WINNIPEG, July 22 (MarketsFarm) – ICE Futures canola contracts were trading either side of steady at midday Monday, with support coming from a lower Canadian dollar, said a Winnipeg-based trader.
As of mid-morning the loonie was at 76.23 U.S. cents, down from Friday’s close of 76.51.
The trader said canola had a good rally on Friday and bumped up to the $450 per tonne range.
“We’re basically hovering right around the 20-day moving average,” he said, noting funds have been, “sitting on a rather large short position.”
Approximately 5,600 canola contracts were traded as of 10:37 CDT.
Prices in Canadian dollars per metric tonne at 10:37 CDT:
Price Change
Canola Nov 449.20 dn 0.40
Jan 456.00 dn 0.60
Mar 463.80 up 0.20
May 469.90 up 0.60
