By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Nov. 14 (MarketsFarm) – ICE Futures canola contracts were holding near unchanged at midday Thursday, lacking any clear direction in thin and choppy activity.
“The market woke up this morning and just couldn’t find anything to talk about,” said a Winnipeg-based trader on the light volumes.
He noted that canola had held up reasonably steady over the past week, despite weakness in Chicago Board of Trade soyoil. While soyoil was turning higher on Thursday, canola had little reason to follow suit. Soybeans in Chicago were down slightly at midday.
Seasonal harvest pressure was reportedly slowing down. Solid commercial demand underneath the market provided some support, according to the trader.
The Canadian dollar was holding steady at midday, providing little direction.
About 6,000 canola contracts traded as of 10:48 CST.
Prices in Canadian dollars per metric tonne at 10:48 CST:
Price Change
Canola Jan 462.10 up 0.30
Mar 471.30 unchanged
May 479.70 dn 0.40
Jul 487.10 dn 0.70
