By Dave Sims, Commodity News Service Canada
Winnipeg, January 18 – THE ICE Futures Canada canola market finished higher in mostly range-bound trade Monday, supported by steady commercial buying.
US markets were closed Monday due to Martin Luther King Jr. Day.
The Canadian dollar was weaker relative to its US counterpart which typically makes canola easier to sell on the international stage.
On Wednesday the Bank of Canada is scheduled to make an announcement about a possible change to the interest rate which likely prompted some traders to adjust their positions.
Speculators took advantage of thin volumes to advance their overall positions, according to a trader.
On the other side of the coin, improvements in the South American soybean crop also weighed on the market.
Global economic concerns threw some uncertainty into the market.
Milling wheat and durum were untraded while 50 barley contracts changed hands.
Around 10,207 canola contracts were traded on Monday, which compares with Friday when around 34,989 contracts changed hands. Spreading accounted for about 6,144 of the contracts traded.
Milling wheat, barley and durum were all untraded.
