By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, May 31 (MarketsFarm) – The ICE Futures canola market was steady to higher at Monday’s close after posting losses for most of the session. Activity was thin and choppy, with many participants keeping to the sidelines as markets in the United States were closed for Memorial Day.
While recent rains across Western Canada have eased dryness concerns somewhat, the forecasts are turning hot and dry over the next week.
Tight supplies and solid demand also remained supportive.
However, export movement was showing signs of slowing down – with only 66,400 tonnes shipped in the most recent weekly Canadian Grain Commission report. That marked the lowest weekly total in months, with most commercial buying interest now focused on the new crop.
About 2,646 canola contracts traded on Monday, which compares with Friday when 11,181 contracts changed hands. Spreading accounted for 1,154 of the contracts traded.
