By Jade Markus, Commodity News Service Canada
WINNIPEG, January 20 – ICE Canada canola contracts were mostly
higher Wednesday morning, as weakness in the Canadian dollar was
tempered by losses in Chicago Board of Trade soy contracts.
The Canadian dollar weakened against the US dollar in early
activity on Wednesday, positioning ahead of an interest rate
announcement from the Bank of Canada.
However, weakness in CBOT soy contracts caused spill over
pressure in nearby contracts.
Market watchers say canola’s technical bias is to the upside
short-term.
However, increased farmer selling could pressure prices
short-term as well, analysts say.
Malaysian palm oil closed lower.
About 5,550 canola contracts had traded as of 8:48 CST.
Milling wheat, durum, and barley futures were all untraded and
unchanged.
Prices in Canadian dollars per metric ton at 8:48 CST:
