By Jade Markus, Commodity News Service Canada
WINNIPEG, February 4 (CNS Canada) – ICE Canada canola contracts were weaker at midday on Thursday, pressured by gains in the Canadian dollar.
A stronger Canadian dollar is moving canola prices lower, and despite losses in the US dollar Chicago Board of Trade markets have not been able to show much strength, which usually gives canola some counterbalancing firmness.
“It’s not collapsing or anything, but it is taking a little bit of pressure from the currency,” said one Winnipeg-based trader.
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“Without the currency we might be unchanged across the board, but it shows how sluggish the US markets are.”
Statistics Canada released canola stocks on Thursday morning, pegging combined on-farm and commercial stocks at 12.1 million tonnes as of December 31, but that fresh information had little effect on the market, the trader said.
“It’s a number that tells us what we already know,” he said.
The number demonstrates that there is a lot of canola, but it’s being used at a solid pace.
Malaysian palm oil closed stronger.
About 14,759 canola contracts had traded as of 11:00 CST.
Milling wheat, durum, and barley futures were all untraded and
unchanged.
Prices in Canadian dollars per metric tonne at 11:00 CST:
