By Glen Hallick, MarketsFarm
WINNIPEG, July 11 (MarketsFarm) – ICE Futures canola contracts were steady at midday Thursday, in yet another day of light activity.
A Winnipeg-based trader said he wasn’t sure why volumes have been light this week. He suggested one reason could be farmers have been spraying their crops.
The absence of spec traders in canola has also been noticeable this week, the trader noted.
As for the markets in the United States, he said the uncertainty surrounding the weather and acreage numbers has resulted in lighter volumes.
“A lot of people are just not confident enough in the situation,” the trader said.
Things should improve in August when the U.S. Department of Agriculture issues the resurvey of its acreage report.
For today, until the USDA releases its supply and demand report the trader said the markets will be quiet.
“We may not get significant numbers, but that doesn’t mean we won’t get some action. There’s always money that comes into play around these reports,” he said.
Approximately 5,800 canola contracts were traded as of 10:45 CDT.
Prices in Canadian dollars per metric tonne at 10:45 CDT:
Canola Nov 446.40 up 0.60
Jan 453.20 up 0.30
Mar 459.60 up 0.10
May 465.40 up 0.40