By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Dec. 17 (CNS Canada) – ICE Futures canola contracts were steady to lower at midday Monday, taking some direction from Chicago Board of Trade soyoil.
“Going into the year end, there’s just money swinging around for no real logical reason,” said a trader on the choppy activity in the canola market. While CBOT soybeans were firmer, “the oilseeds don’t look like they’re in a hurry to go anywhere right now,” he added.
Scale-down end-user demand provided some underlying support for canola, with recent improvements in crush margins bringing in some exporter and domestic crusher demand.
Recent weakness in the Canadian dollar was also supportive, although the currency was also seeing some choppiness heading into the New Year.
About 20,500 canola contracts traded as of 10:50 CST.
