ICE canola choppy at midday

By Glen Hallick, Commodity News Service Canada
WINNIPEG, Jan. 21 (CNS Canada) – There’s not a lot of action with ICE Futures canola contracts midday Monday as markets in the United States are closed for the Martin Luther King Jr. holiday.
“Barring some dominant factor there isn’t much in the news right now impacting anything,” said one Winnipeg-based trader. “Somebody came in at C$8.30 to C$8.40 and pushed it down $2, and now it’s quietly percolating back up.”
“That’s often what they’ll do. They’ll push it one way and they’ll push it the other way just to see if they can get it moving at all,” the trader continued.
Looking at Tuesday, he said there are so many news events in the U.S. that could affect the markets.
“But there’s nothing really happening at the moment. It’s a bit jerky right now, but no real directions,” he said.
About 5,100 canola contracts were traded as of 11:17 CST.

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