By Glen Hallick, MarketsFarm
WINNIPEG, April 9 (MarketsFarm) – ICE Futures canola contracts were down slightly at midday Tuesday, as there isn’t much to move the markets either way, said a Winnipeg-based trader.
“We may be fairly sleepy for a while here,” the trader commented about canola, but trading is livelier with other commodities.
“There’s lots of action in corn, wheat and that. But the oilseeds are pretty sleepy,” he added.
He said the World Supply and Demand Estimates the United States Department of Agriculture will release at 11 am CDT on Tuesday will only reinforce what’s already known – that there are “oodles of everything out there.”
Weather at this point isn’t a major factor as well, but will be in the next two to three weeks, the trader said.
The Canadian dollar was up earlier Tuesday, but by midday the loonie slipped back to slightly over 75 U.S. cents.
About 12,600 canola contracts were traded as of 10:27 CDT.
Prices in Canadian dollars per metric tonne at 10:27 CDT:
Price Change
Canola May 454.40 dn 0.10
Jul 462.20 dn 0.40
Nov 474.60 dn 1.20
Jan 481.20 dn 1.00
