By Jade Markus, Commodity News Service Canada
WINNIPEG, MB, April 17, 2017 (CNS Canada) – ICE Canada canola contracts were stronger in low volume trade on Monday.
The market was underpinned by a slew of wet weather during the long weekend.
Rain and snow in areas of the Prairies further delayed producer-ability to get into fields and harvest canola left over from last year.
“Guys were making some small amounts of progress, and now we’re back to being on hold,” said one Winnipeg-based analyst.
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“The clock is starting to tick here and it’s getting the market’s attention.”
He added that slow farmer selling also underpinned values, as did advances in the Chicago Board of Trade soy oil market.
Positioning into government data due out later in the week is expected to be a feature in coming sessions.
Statistics Canada is set to release its principal field crop acreage estimates on Friday.
“And the general feeling is that we’re going to see a good jump in acres for new crop,” the trader said.
Volumes were low following the long weekend, the analyst added, “feels like a holiday.”
About 5,386 contracts had traded as of 10:40 a.m. CDT.
