By Jade Markus, Commodity News Service Canada
WINNIPEG, February 11 – ICE Canada canola contracts were stronger at midday on Thursday, buoyed by losses in the Canadian dollar.
Spillover support from Chicago Board of Trade soy oil was also a feature on Thursday.
“But, like yesterday, it’s not going up a lot off that support, but it is being pulled a little higher,” said one Winnipeg-based trader.
He added that the canola market is slightly over-done after the selloff it saw in the past few days, and the market has been due for a bounce.
“Overall situation is pretty ho-hum, there’s not much left to lose.”
Farmer selling is limited, the trader said, as producers wait to see how prices evolve in the spring.
Malaysian palm oil closed stronger.
About 21,929 canola contracts had traded as of 10:48 CST.
Milling wheat, durum, and barley futures were all untraded and
unchanged.
Prices in Canadian dollars per metric tonne at 10:48 CST:
