By Dave Sims, Commodity News Service Canada
WINNIPEG, May 21 – Canola contracts on the ICE Futures Canada platform were bouncing around unchanged in volatile trading at 10:45 CDT Thursday.
Losses in the US soy complex pressured prices while the Canadian dollar was slightly firmer compared to its US counterpart which made canola less attractive to crushers and exporters.
Concerns over potential frost damage to crops in Western Canada may also have been overdone, said a trader.
“Still waiting for full-fledged updates on what the actual damage was, general feeling I guess is maybe the damage wasn’t as bad as initially thought,” he said.
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He also noted the canola market was at the higher end of its recent trading range and hadn’t seen any speculative buying from funds or other technical trading groups.
Large world supplies of soybeans also cast a bearish influence over the market.
However, Malaysian palm oil was firmer while farmer selling was also slow.
Around 7,400 contracts had traded as of 10:45 CDT, Thursday.
Milling wheat, durum and barley were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:45 CDT:
