By Jade Markus, Commodity News Service Canada
WINNIPEG, February 2 – ICE Canada canola contracts were stronger at midday Tuesday, gathering support from Chicago Board of Trade soybeans.
Canola was being held up by US markets at midday, but still lagging the gains seen in soybeans when accounting for currency conversion.
The Canadian dollar was weaker against its US counterpart, but canola won’t feel support from that movement right away as commercial traders have accounted for currency fluctuation, said one Winnipeg-based trader.
“Nothing special going on, US markets are up, they’re firm, but really very little in the news right now. Markets are still just oscillating up and down, back and forth, not really going anywhere,” the trader said.
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He added that canola has the potential to move higher.
“We’re looking for some support eventually and it might have some potential to strengthen, but nothing is going to move too much out of the ranges that we’ve established here.”
Malaysian palm oil closed stronger.
About 18,493 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:
