By Jade Markus, Commodity News Service Canada
WINNIPEG, February 9 – ICE Canada canola contracts were weaker at midday on Tuesday, as a stronger Canadian dollar weighed on prices.
The Canadian dollar gained ground against its US counterpart on Tuesday, which pressured prices as it makes canola less appealing to buyers.
Positioning ahead of a bundle of reports from the United States Department of Agriculture (USDA) was also a feature on Tuesday, according to one Winnipeg-based trader, but he expects the data to have little effect on the market.
“But traders are always a bit cautious, just in case, so they’re very quiet,” he said.
He added that canola is still seeing speculative selling, which is bearish.
“Canola has been seeing long liquidation still fleshing through the market, it hasn’t all fleshed through yet.”
Malaysian palm oil closed stronger.
About 17,745 canola contracts had traded as of 10:57 CST.
Milling wheat, durum, and barley futures were all untraded and
unchanged.
Prices in Canadian dollars per metric tonne at 10:57 CST:
