By Jade Markus, Commodity News Service Canada
WINNIPEG, January 27 – ICE Canada canola contracts were mixed, but mostly stronger, in early activity on Wednesday, tracking gains in Chicago Board of Trade soy oil.
However, strength in the Canadian dollar limited gains, and the US Federal Reserve is expected to keep interest rates unchanged, which could push the loonie higher.
Canola is likely due for a corrective bounce, analysts say, as it hit supportive levels on Tuesday.
CBOT soybeans could see some downside today, as South American producers are expected to sell their crops into the market soon, which could in turn pressure canola.
Malaysian palm oil closed stronger.
About 3,618 canola contracts had traded as of 8:40 CST.
Milling wheat, durum, and barley futures were all untraded and
unchanged.
Prices in Canadian dollars per metric ton at 8:40 CST:
