By Dave Sims, Commodity News Service Canada
WINNIPEG, June 10 – Canola contracts on the ICE Futures Canada platform were mixed at 10:50 CST Tuesday, on choppy trade amid thin volumes that mostly followed US markets.
Canola seemed to perk up on its own, an analyst said, with nothing ‘really big’ moving the market. One underlying factor is that there’s still a lot of uncertainty about how many acres are unseeded, he said.
North American crops are off to a good start and that’s why it’s so quiet, a broker said, adding he believes traders are sitting back to see what happens with little urgency to act. Commercials are buying routinely.
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The market is getting some mixed signals with European rapeseed, soybeans and soymeal firmer, but palm and soyoil weaker.
The Canadian dollar is slightly lower against the US this morning.
Talk continues that canola is cheap compared to other oils.
Around 6,500 contracts had traded as of 10:50 CDT, Tuesday, with the July/November spread accounting for the bulk of the activity.
Prices in Canadian dollars per metric ton at 10:50 CDT:
