By Jade Markus, Commodity News Service Canada
WINNIPEG, February 1 (CNS Canada) – ICE Canada canola contracts were weaker at midday Monday, pressured by speculative selling.
Relatively speaking, canola continues to be on the weak side, said one Winnipeg-based analyst, as traders shift their positions relative to the soy market.
The Canadian dollar has strengthened against its US counterpart, so traders have been unwinding long positions.
“There was a lot of money in canola for a long time—long canola and short soy—purely because of the currency factor,” he said.
There have been no notable bits of farmer selling, the analyst said, adding that there was some interest in new crop canola, but that has dropped off.
“I don’t think growers are going to chase the market. The situation is too uncertain to chase after it.”
Malaysian palm oil closed weaker.
About 14,027 canola contracts had traded as of 10:50 CST.
Milling wheat, durum, and barley futures were all untraded and
unchanged.
Prices in Canadian dollars per metric tonne at 10:50 CST:
