By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Dec. 16 – Canola contracts on the ICE Futures Canada platform were down at midday Wednesday, as losses in the CBOT soy complex weighed on values.
Soyoil was down by over half a cent per pound, as that market continues to back away from its nearby highs. Expectations for increased soybean exports out of Argentina were also said to be overhanging the oilseed markets in general.
Choppiness in the currency markets ahead of the US Federal Reserve interest rate announcement later in the day was keeping some caution in the agricultural futures. The Fed is generally expected to hike rates for the first time in years, which would likely support the US dollar and weigh on the Canadian currency.
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Solid demand from both exporters and domestic crushers was also helping temper the declines.
About 14,000 canola contracts had traded as of 10:29 CST.
Milling wheat, durum, and barley futures were all untraded.
