By Glen Hallick, MarketsFarm
WINNIPEG, April 10 (MarketsFarm) – ICE Futures canola contracts were up slightly at midday Wednesday, as there has been very little to influence the market either way, said a Winnipeg-based trader.
The May contract was up by 70 cents at C$456.00 per tonne.
Until the Canada/China dispute is resolved, and canola is back flowing to Canada’s largest customer, the market will likely remain uneventful he said.
“There’s little direction from the soybeans, as they’re not doing much,” the trader added.
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The United States Department of Agriculture’s World Agriculture Supply and Demand Estimates had little effect on the commodity markets after the report was released yesterday.
As the markets wait for farmers to begin planting canola, a major weather event could spark something, the trader said. For the most part the Prairies have experienced below normal temperatures this spring.
The Canadian dollar was hovering around 75 U.S. cents on Wednesday.
About 7,200 canola contracts were traded as of 10:25 CDT.
Prices in Canadian dollars per metric tonne at 10:25 CDT:
Price Change
Canola May 456.00 up 0.70
Jul 463.70 up 0.60
Nov 475.90 up 0.20
Jan 482.60 up 0.60
