ICE canola mostly weaker post-rally

Reading Time: < 1 minute

Published: May 11, 2016

By Jade Markus, Commodity News Service Canada

WINNIPEG, May 11 – ICE Canada canola contracts were mostly weaker at midday on Wednesday after posting large gains on Tuesday.

The canola market saw sharp advances on Tuesday, following Chicago Board of Trade soybeans higher after the United States Department of Agriculture released bullish supply data.

On Wednesday the canola market was correcting lower.

“Nothing big going on that’s new, the market is just trying to recover a little bit,” said one Winnipeg-based trader.

He added that Tuesday’s advances limited investor activity.

“It’s a nervous kind of day. With all the extreme action going on in the soy markets yesterday, everybody is a little on edge,” he said.

Advances in the Canadian dollar also pushed prices lower, as a stronger loonie makes canola less appealing to international buyers.

About 22,248 contracts had traded as of 10:19 CDT.

Milling wheat, durum and barley futures were all untraded and
unchanged.

Prices in Canadian dollars per metric tonne at 10:19 CDT:

About The Author

GFM Network News

GFM Network News

Glacier FarmMedia Feed

Glacier FarmMedia, a division of Glacier Media, is Canada's largest publisher of agricultural news in print and online.

explore

Stories from our other publications