By Dave Sims, Commodity News Service Canada
WINNIPEG, May 5 – Canola contracts on the ICE Futures Canada platform were bouncing around unchanged at 10:40 CDT on Thursday, with the July contract slightly lower due to profit-taking while gains in vegetable oil led the rest of the market higher.
Traders are positioning themselves ahead of tomorrow’s Statistics Canada stocks report.
Speculative funds have built a large net-long position, possibly as many as 35,000 contracts in July.
Dry weather across Western Canada was supportive for the market.
However, losses in US soybeans were bearish for canola.
The Canadian dollar was up slightly relative to its US counterpart, which made canola less attractive on the international market.
About 8,000 canola contracts had traded as of 10:40 CDT.
Milling wheat, barley and durum were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:40 CDT:
