By Dave Sims, Commodity News Service Canada
WINNIPEG, Jan. 19 – Canola futures on the ICE Canada trading platform were slightly higher at midday Monday in choppy, directionless trade. Markets in the US are closed for the Martin Luther King Jr. holiday.
“It’s doing nothing, it’s just traders pinging bids, then pinging offers then pinging bids, we’re up a dollar we’re down a dollar,” said a broker.
European rapeseed futures were slightly stronger which helped to underpin the market while speculative buying also added support.
However, the closure of the US soy market is likely to keep canola values within their consolidation pattern, said an analyst.
Malaysian palm oil was under pressure, which weighed on canola values.
The large South American soybean crop, which is due to be harvested soon, was bearish for values.
As of 10:40 CST Monday, about 3,600 contracts had
traded. There was an additional large EFP (exchange for
physical) of 1,750 contracts made Monday morning.
Milling wheat, barley and durum futures were untraded and
unchanged.
Prices in Canadian dollars per metric ton at 10:40 CST:
