By Jade Markus, Commodity News Service Canada
WINNIPEG, January 15 – ICE Canada canola contracts were mostly higher at midday Friday, as a weak Canadian dollar buoyed prices, while weakness in Chicago Board of Trade soy oil tempered gains.
“Soybean oil and the Canadian dollar are keeping canola where it is. I think it’s got some downside yet today,” said one Winnipeg-based trader.
Turbulence in the global economy is injecting downside into many commodity markets.
“I guess the crush margins are helping too, but the way the whole global economy seems to be down I don’t see it staying up here,” he said.
“I think it looks like the oilseed market is heading lower.”
The Canadian dollar was at a fresh 13-year-low against its US counterpart at midday on Friday, which supported prices.
Malaysian palm oil closed higher.
About 9,156 canola contracts had traded as of 10:45 CST.
Milling wheat, durum, and barley futures were all untraded and
unchanged.
Prices in Canadian dollars per metric tonne at 10:45 CST:
