By Jade Markus, Commodity News Service Canada
WINNIPEG, December 23 – ICE Canada canola contracts were higher at midday Wednesday, rebounding from yesterday’s losses.
“Canola is showing a little bit of firmness today relative to the other markets, it’s probably a bit of a rebound. It kind of collapsed late yesterday,” said one Winnipeg-based trader.
He added that steady commercial buying was also a feature.
However, the environment for canola is pretty soft as the Canadian dollar is seeing a year-end rally along with crude oil.
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“The Canadian dollar has been one of the main reasons why canola has been able to go as high as it has. If it continues to go higher that could pull the rug out from under canola,” the trader said.
Weakness in Chicago Board of Trade soybeans could also limited gains for canola.
“But canola is doing very well to be able to be holding up a couple of dollars.”
Malaysian palm oil closed weaker.
About 10,232 canola contracts had traded as of 10:35 CST.
Milling wheat, durum, and barley futures were all untraded and
unchanged.
Prices in Canadian dollars per metric tonne at 10:35 CST:
