By Jade Markus, Commodity News Service Canada
WINNIPEG, February 5 – ICE Canada canola contracts were weaker at midday on Friday, pressured by general weakness in Chicago Board of Trade contracts.
“It’s trading very weak, and that’s just a sign of the undertones in the grain and oilseed markets,” said one Winnipeg-based trader.
CBOT soy oil was the only higher commodity at the Chicago Board of Trade at midday on Friday, which pushed canola lower.
“It’s just routine stuff pretty much. Canola is weak, well relatively weak,” the trader said.
Investors aren’t factoring in the fluctuating currency right away, he added, despite the Canadian dollar losing ground against its US counterpart.
“The soy situation is becoming increasingly negative and that’s kind of weighing down the whole marketplace.”
Malaysian palm oil closed stronger.
About 18,712 canola contracts had traded as of 11:08 CST.
Milling wheat, durum, and barley futures were all untraded and
unchanged.
Prices in Canadian dollars per metric tonne at 11:08 CST:
