By Glen Hallick, MarketsFarm
WINNIPEG, March 24 (MarketsFarm) – ICE Futures canola contracts were steady on Tuesday, as trading is expected to remain choppy for the rest of the session, said a Winnipeg-based trader.
“It feels like we’ve entered a bit of a lull. The mid-session lull has arrived a little early,” he commented, adding that no one was trying to move the markets aggressively either way.
“Options are dead. More and more people are working from home and the liquidity providers are less active than what they used to be,” the trader noted.
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Although canola was getting support from Chicago soyoil, prices for soybeans and soymeal backed off, which weighed on values.
There are signals that farmers want to sell more canola, but spring road bans across the Prairies are an impediment, the trader said.
So far today, the loonie was firm at 69.03 U.S. cents, compared to Monday’s close of 69.05.
Approximately 7,400 canola contracts were traded as of 10:29 CST.
Prices in Canadian dollars per metric tonne at 10:29 CST:
Price Change
Canola May 467.20 dn 0.30
Jul 475.60 unchanged
Nov 482.80 dn 0.20
Jan 489.30 dn 0.50
