ICE canola market mixed at midday

By Ashley Robinson, Commodity News Service Canada
WINNIPEG, MB, Nov. 13, 2018 (CNS Canada) – ICE Futures canola contracts were trading both sides of unchanged at midday Monday.
According to a Winnipeg based trader the January canola market is finding some support at the C$480 per tonne mark. However, it has been drifting slightly lower due to the downtrend with Chicago Board of Trade soyoil contracts.
“(Canola) looks like it wants to stabilize here but unfortunately the bean oil keeps drifting and that’s pretty well stalling canola or preventing it from moving very much,” he said.
He added that the weaker Canadian dollar at times has been supportive for the canola market.
“(It) wouldn’t take much to make canola rally because we have had a fairly sharp recent decline and that always means the market won’t take much to prompt some buyers to come in,” he said.
About 5,000 canola contracts had traded as of 10:14 CST.

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