By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Aug. 26 (MarketsFarm) – ICE Futures canola contracts were stronger at midday Monday, seeing a modest correction after Friday’s drop.
“We had a big jerk one way on Friday and then we jerked back the other way today,” said a trader adding that the market has now “fallen asleep.”
Canola remains range-bound overall and the trader said investors were leery to push values too far one way or the other until they get a better sense of new crop production.
Statistics Canada releases its first survey-based crop estimates on Wednesday, Aug. 28, which should provide some nearby direction for the market.
Chicago Board of Trade soybeans were firmer at midday, providing some support for canola. However, the Canadian dollar was also stronger at midday, which put some pressure on the oilseed.
About 7,000 canola contracts traded as of 10:37 CDT.
Prices in Canadian dollars per metric tonne at 10:37 CDT:
Price Change
Canola Nov 451.30 up 1.40
Jan 459.10 up 1.40
Mar 466.40 up 1.50
May 473.00 up 2.00
