By Marlo Glass, MarketsFarm
WINNIPEG, April 3 – ICE Futures canola contracts were lower at midday Friday amid light trading volumes.
Cold temperatures and spring snowstorms in eastern Saskatchewan and western Manitoba have slowed farmer selling, which is partially to blame for the quiet market activity.
A negative tone for soybeans on the Chicago Board of Trade was a bearish influence on canola prices.
One Winnipeg-based trader said spreading activity has been supportive, as market participants were selling oil and buying canola.
Relative strength in the Canadian dollar also pressured canola values. The dollar was at 70.8 cents at midday.
Approximately 6,500 canola contracts were traded as of 10:30 CDT.
Prices in Canadian dollars per metric tonne at 10:30 CDT:
Price Change
Canola May 462.00 dn 1.50
Jul 470.60 dn 1.70
Nov 478.70 dn 2.00
Jan 485.20 dn 2.00
