By Jade Markus, Commodity News Service Canada
WINNIPEG, February 23 – ICE Canada canola contracts were mixed, but mostly lower, at midday on Tuesday, tracking losses in Chicago Board of Trade soy contracts.
“The bean market, which has been half-asleep for a long time—only moving up or down two, three, four cents—all of a sudden it’s under pressure,” said one Winnipeg-based trader.
Investors unsuccessfully tried to push CBOT soybeans to the upside on Monday, which spurred Tuesday’s losses, the trader said.
“People saw yesterday’s action and kind of said ‘oh we’ve got to get out of here,’ and they’re dumping today, so we’ve got some pressure.”
However, canola’s new-crop contracts resisted outside pressure, supported by losses in the Canadian dollar against its US counterpart.
A weaker Canadian dollar makes canola more appealing to foreign buyers.
Malaysian palm oil closed weaker.
About 18,967 canola contracts had traded as of 10:25 CST.
Milling wheat, durum, and barley futures were all untraded and
unchanged.
Prices in Canadian dollars per metric tonne at 10:25 CST:
