By Glen Hallick, MarketsFarm
WINNIPEG, June 27 (MarketsFarm) – ICE Futures canola contracts were steady at midday Thursday in light activity.
“There’s been lots of chopping and jerking around in the last week or two. It’s just a matter to see how things pan out. There are lots of unknowns and a lot of uncertainties hanging around over the markets,” explained a Winnipeg-based trader.
He said traders aren’t confident in pushing bids very far either way, especially in the United States.
“We still don’t have a good handle on acres and yield prospects in the U.S.,” the trader commented.
Read Also
ICE Canola Midday: Prices suddenly turn lower
By Glen Hallick Glacier Farm Media | MarketsFarm – Intercontinental Exchange canola futures were falling back late Friday morning, after…
The picture likely won’t clear up with Friday’s acreage and grain stocks reports from the U.S. Department of Agriculture. The acreage report will lack the shifts in acres between corn and soybeans, especially over the last few weeks, the trader said.
A new survey is widely expected in early July and will give a clearer picture of how things are developing in the U.S., he said.
The trader also noted the rising Canadian dollar was largely responsible for the recent sell-off of canola. This week, the loonie climbed above the 76 U.S. cent mark, which made Canadian exports less attractive to foreign buyers. However, the markets have since stabilized, he said.
Approximately 9,000 canola contracts were traded as of 10:55 CDT.
Prices in Canadian dollars per metric tonne at 10:55 CDT:
Price Change
Nov 453.70 dn 0.10
Jan 461.10 up 0.10
Mar 468.00 up 0.30
