By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, April 4 (CNS Canada) – Canola contracts on the ICE Futures Canada platform were narrowly mixed at midday Monday, lacking any clear direction as prices bounced around both sides of unchanged within a narrow range.
“Canola is just chopping back and forth here today,” said a broker.
Fund short covering on the one side was being countered by steady farmer selling on the other side, according to the broker. He noted that a downturn in CBOT soybeans was weighing on values, while soyoil was managing to hold onto small advances.
Solid domestic crusher demand and a softer tone in the Canadian dollar were both somewhat supportive for canola. Meanwhile, the advancing South American soybean harvest remained a bearish feature in the background.
About 9,300 canola contracts had traded as of 10:31 CDT, with the May/July spread accounting for most of the activity.
Milling wheat, durum, and barley futures were all untraded.
