By Dave Sims and Phil Franz-Warkentin, Commodity News Service Canada
Winnipeg, June 13 – THE ICE Futures Canada canola market finished slightly higher in choppy trading Monday due to speculative trading.
“It’s fooling around with the US markets but it’s not tending to go too far either way. When US markets are strong canola will lag behind them, when US markets are weak it will lag behind them,” he noted.
The Canadian dollar was slightly weaker relative to its US counterpart which made canola more attractive to buyers.
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World-wide oilseed supplies are still healthy, but not as massive as they typically have been, according to a report.
However, losses in the vegetable oil market and US soy limited the gains.
Farmer selling is slowly winding into gear as farmers are done seeding and there are relatively high prices to take advantage of.
The market seems locked into a sideways range as traders wait for weather issues to develop, according to the trader.
Around 25,451 canola contracts were traded on Monday, which
compares with Friday when around 25,720 contracts changed hands. Spreading accounted for about 12,560 of the contracts traded.
Milling wheat, barley and durum were all untraded.
Settlement prices are in Canadian dollars per metric tonne.
