By Glen Hallick, MarketsFarm
WINNIPEG, July 10 (MarketsFarm) – ICE Futures canola contracts were weaker at midday Wednesday, on another day of light activity.
Rain struck much of southern Manitoba from Tuesday and through to Wednesday morning. The system dumped as much as 65 to 140 millimeters of precipitation across parts of the region.
However, with price movement being so small, a Winnipeg-based trader said the much needed rain hasn’t had any major effect on prices.
He also noted there has been little movement so far today with the soy complex on the Chicago Board of Trade and with the Canadian dollar.
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The United States Department of Agriculture releases its monthly supply and demand report on Thursday. The markets have been in something of a holding pattern, waiting to see what the report will contain.
Until then, there isn’t much to move prices very far either way, the trader added, but expect canola prices to bounce around for the time being.
Approximately 5,700 canola contracts were traded as of 10:43 CDT.
Prices in Canadian dollars per metric tonne at 10:43 CDT:
Price Change
Canola Nov 447.20 dn 1.60
Jan 454.00 dn 1.50
Mar 461.10 dn 0.80
May 467.00 dn 0.50
