By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, March 21 (CNS Canada) – Canola contracts on the ICE Futures Canada platform were holding onto small gains at midday Monday, in relatively thin and quiet activity.
“Funds are sitting on their hands, and the commercials are doing the same thing,” said a trader on the light volumes. “We’re just waiting for something to happen to inspire traders to move out of this sideways range.”
He added that exporter and domestic crusher demand was waiting underneath the market, while farmer selling would come forward on any significant moves higher.
Gains in CBOT soyoil and a softer Canadian dollar did provide some underlying support for canola.
In other news, Japanese markets are closed for a national holiday, which contributed to the lack of volume in the canola market.
About 3,000 canola contracts had traded as of 10:54 CST.
Milling wheat, durum, and barley futures were all untraded.
