By Glen Hallick, MarketsFarm
WINNIPEG, June 17 (MarketsFarm) – ICE Futures canola contracts were steady to lower at midday Wednesday in “quiet, back and forth action that’s likely to continue,” according to a Winnipeg-based trader.
“The July/November spread is trading even money. The open interest in July continues to come down rapidly,” he said, noting the open interest in July dropped by 8,000 contracts since yesterday.
The trader commented there wasn’t much direction from the Chicago soy complex, with beans and meal down slightly and oil up a little bit.
Elsewhere, European rapeseed was steady to lower and Malaysian palm oil was higher.
The trader said farmers are busy spraying while reseeding some of their fields. He stressed that those canola fields being reseeded might not be planted with canola again.
The Canadian dollar was virtually unchanged at 73.75 U.S cents compared to Tuesday’s close of 73.76.
Approximately 10,300 canola contracts were traded as of 10:25 CDT.
Prices in Canadian dollars per metric tonne at 10:25 CDT:
Price Change
Canola Jul 472.80 dn 0.50
Nov 473.90 dn 0.50
Jan 479.50 dn 0.80
Mar 485.60 dn 0.30
