By Glen Hallick, MarketsFarm
WINNIPEG, April 11 (MarketsFarm) – ICE Futures canola contracts were steady at midday Thursday, as there continues to be little to push prices either way, said a Winnipeg-based analyst.
“It’s regular trade and regular random noise in the market,” he said.
The May contract gained 40 cents to C$456.40 per tonne.
“It’s a drifting day, but unfortunately the trend is still very much sideways,” he said.
The analyst stressed that unless there is good movement upward, of C$10 or more per tonne, he expects the market to continue downward.
The Canadian dollar fell to 74.77 U.S. cents on Wednesday, which lent support to canola bids.
Other support has been coming from spring road bans and farmer reluctance to sell, and expectations of fewer canola acres planted this year. However, the ongoing Canada/China dispute and a very large South American soybean crop have been weighing on values.
About 17,300 canola contracts were traded as of 10:30 CDT.
Prices in Canadian dollars per metric tonne at 10:30 CDT:
Price Change
Canola May 456.40 up 0.40
Jul 464.10 up 0.50
Nov 475.20 dn 0.30
Jan 481.40 dn 0.30
