By Jade Markus, Commodity News Service Canada
WINNIPEG, February 17 – ICE Canada canola contracts were weaker at midday on Wednesday, pressured by gains in the Canadian dollar.
However strength in Chicago Board of Trade soy oil and soybeans provided some spill over support to canola on Wednesday.
The loonie strengthened against the US dollar, propped up by gains in crude oil futures and domestic data, which makes canola less appealing to buyers.
“The trade is still very quiet in canola, the dollar is pressing on it, but the other markets are supporting it, so it’s not going to fall very far,” said one Winnipeg-based trader.
He added that volumes have stayed on the quiet side, as investors opt to stay out of choppy trade.
Malaysian palm oil closed weaker.
About 16,432 canola contracts had traded as of 10:28 CST.
Milling wheat, durum, and barley futures were all untraded and
unchanged.
Prices in Canadian dollars per metric tonne at 10:28 CST:
