By Glen Hallick, MarketsFarm
WINNIPEG, April 8 (MarketsFarm) – ICE Futures canola contracts were weaker at midday Monday, as a Winnipeg-based trader described trading as “pretty lifeless.”
The main feature so far today, he said, has been the spread with July contracts out-trading May contracts. Spec funds remain short and the technical bias has shifted to the downside.
“We are spinning our wheels waiting” for news the trader commented.
There being little or no movement on the Canada/China dispute, and United States/China trade talks, he added.
The trader said the markets are waiting for the U.S. Department of Agriculture’s World Supply and Demand Estimates (WASDE) report that will be released on Tuesday. The WASDE report is expected to shed more light on U.S. carryovers and the USDA’s estimates on the South American soybean and corn harvests, according to reports.
About 8,000 canola contracts were traded as of 10:40 CDT.
Prices in Canadian dollars per metric tonne at 10:40 CDT:
Price Change
Canola May 455.60 dn 1.80
Jul 463.80 dn 1.80
Nov 477.30 dn 1.50
Jan 484.00 dn 1.20
