By Jade Markus, Commodity News Service Canada
WINNIPEG, January 12 – ICE Canada canola contracts were mostly lower at midday Tuesday as the market positioned ahead of a bundle of reports due out from the United States Department of Agriculture at 11:00 a.m. CST.
The United States Department of Agriculture (USDA) is set to release a series of reports including quarterly stocks, annual production, and world supply and demand estimates.
“That’s going to either change its direction, or it’ll continue down,” said one Winnipeg-based trader.
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He added that chart support continues to hold a sideways pattern, while limited farmer selling is keeping support in the market.
“There is a cold snap in the Prairies, farmer movement is likely going to be slow,” he said. “It’s keeping the movement at bay.”
The Canadian dollar was weaker against its US counterpart at midday on Tuesday, which limited losses.
Malaysian palm oil closed weaker.
Volumes were light on Tuesday, about 4,245 canola contracts had traded as of 10:20 CST.
Milling wheat, durum, and barley futures were all untraded and
unchanged.
Prices in Canadian dollars per metric tonne at 10:20 CST:
