By Jade Markus, Commodity News Service Canada
WINNIPEG, July 28 – ICE Canada canola contracts were stronger in choppy trade at midday on Thursday.
“I think the market just doesn’t really know what to do,” said one Winnipeg-based trader.
Short-covering has contributed to the back-and-forth trading and volatility, he said.
“We just keeping going up and down by 30, 40, 50 cents. You look at the chart for canola, it’s just been up, down, up, down.”
Advances in the Chicago Board of Trade soy oil market underpinned canola.
However, CBOT soybeans were mixed at midday on Thursday, which added pressure to canola values.
“Very low volumes for this time of day too,” the trader added.
About 6,661 contracts had traded as of 10:25 CDT.
The Canadian dollar was stronger against its US counterpart at midday on Thursday.
Milling wheat, durum and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric tonne at 10:25 CDT:
