By Glen Hallick, MarketsFarm
WINNIPEG, July 9 (MarketsFarm) – ICE Futures canola contracts were stronger at midday Tuesday, in a light volume of trading.
“It’s just some spreaders pushing canola a little bit,” said a Winnipeg-based trader, noting there’s nothing big going on in the market.
He said the United States markets were “jittery and jumpy” as the yield and acreage numbers from the U.S. Department of Agriculture were “all over the map” and that “no one knows what the truth is right now.”
With the USDA releasing its monthly supply and demand report on Thursday, given the current market conditions, the trader suggested there’s not much positioning going on right now. The report could clear up the picture somewhat, he added.
Approximately 5,800 canola contracts were traded as of 10:27 CDT.
Prices in Canadian dollars per metric tonne at 10:27 CDT:
Price Change
Canola Nov 451.20 up 3.90
Jan 457.90 up 3.90
Mar 464.80 up 4.40
May 469.90 up 3.80
