By Jade Markus, Commodity News Service Canada
WINNIPEG, January 11 – ICE Canada canola contracts were mostly lower at midday Monday, following Chicago Board of Trade soy oil in thin-volume trading.
The United States Department of Agriculture (USDA) is set to release a bundle of reports on Tuesday, including world agricultural production.
“I think everybody is kind of getting set up for the fact that this might not be friendly when it comes out tomorrow,” said one Winnipeg-based trader.
He added that thin-volumes indicate limited farmer selling, as the weather, in Manitoba at least, isn’t optimal for trucking.
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Weakness in Chicago Board of Trade soy oil also pressured canola on Monday.
“The beans also—they’re starting to look weak and I think that’s in part because everything in the US is starting to look weak,” the trader said.
“I think people are waiting to see what USDA says tomorrow, but tomorrow is a lifetime away, there’s all day today to trade.”
The Canadian dollar was weaker against its US counterpart at midday on Monday, which limited losses.
Malaysian palm oil closed higher.
About 3,581 canola contracts had traded as of 10:40 CST.
Milling wheat, durum, and barley futures were all untraded and
unchanged.
Prices in Canadian dollars per metric tonne at 10:40 CST:
