By Jade Markus, Commodity News Service Canada
WINNIPEG, February 8 (CNS Canada) – ICE Canada canola contracts were mixed, but mostly lower, at midday on Monday, pressured by Chicago Board of Trade soy oil.
However, weakness in the Canadian dollar limited losses on Monday, and new crop months held closer to unchanged.
“That’s sort of offsetting, but beans look like they’re heading lower,” said one Winnipeg-based trader.
He added that March canola is moving toward a low, and the market has additional downside potential, based on spread indications.
“It looks bearish to me, those are just the basic fundamentals of the market. There’s a lot of canola around.”
Malaysian palm oil closed weaker.
About 10,955 canola contracts had traded as of 10:40 CST.
Milling wheat, durum, and barley futures were all untraded and
unchanged.
Prices in Canadian dollars per metric tonne at 10:40 CST:
