By Jade Markus, Commodity News Service Canada
WINNIPEG, February 26 – ICE Canada canola contracts were unresponsive to bullish influencers on Friday, moving lower at midday.
Chicago Board of Trade soy oil was higher at midday on Friday, while the Canadian dollar was weaker against its US counterpart, which would normally buoy canola prices.
“It would normally follow bean oil, and that means somebody is deliberately pressuring canola for their own ends,” said one Winnipeg-based trader.
He added that the pressure is likely from traders who are short and trying to enhance their positions by leaning on the market.
“It’s oversold and very cheap,” he said. “There should be some commercial buyers down here but, for the moment somebody is keeping it soft.”
Malaysian palm oil closed mixed.
About 8,412 contracts had traded as of 10:50 CST.
Milling wheat, durum and barley futures were all untraded and
unchanged.
Prices in Canadian dollars per metric tonne at 10:50 CST:
