By Glen Hallick, Commodity News Service Canada
WINNIPEG, Jan. 22 (CNS Canada) – Canola bids were up midday Tuesday, seeing a correction after Monday’s losses as the United States markets reopened the day after the Martin Luther King Jr. holiday.
“We’re up C$3.30 on the day, supported by a lower Canadian dollar,” said one Winnipeg-based trader.
The dollar has been trending downward for about a week, having slipped from US$0.7571 on Jan. 9 to US$0.7501 midday Tuesday, making canola more attractively price for exporters.
The continuing dryness in Brazil, which has reduced estimates of the country’s large soybean crop, has also been supportive of canola.
Soybeans on the Chicago Board of Trade were down midday Tuesday, taking some support away from canola.
About 16,200 canola contracts were traded as of 11:16 CST
