By Glen Hallick, MarketsFarm
WINNIPEG, July 29 (MarketsFarm) – ICE Futures canola contracts were steady at midday Monday, as the market has continued to lack direction due to “the summer doldrums,” stated a Winnipeg-based trader.
Earlier in the day, there had been a bounce in Chicago soyoil prices, but that quickly faded said the trader. Otherwise canola bids have been stymied with the lack of volume.
The Canadian dollar has been steady as well on Monday, sitting just below 76 U.S. cents at 75.95.
The spec funds added to their short positions, the trader pointed out.
“Nobody is getting too worried here the way the charts are looking. We’re definitely in a sideways holding pattern,” he said.
Crop conditions remain good, but “could use a drink of water,” he added.
The Prairie forecast has called for temperatures from the mid 20’s to the low 30 degrees Celsius for this week, according to MarketsFarm.
Approximately 5,100 canola contracts were traded as of 10:51 CDT.
Prices in Canadian dollars per metric tonne at 10:51 CDT:
Price Change
Canola Nov 450.00 dn 0.50
Jan 457.70 dn 0.40
Mar 465.00 dn 0.30
May 470.40 dn 0.20
