By Jade Markus, Commodity News Service Canada
WINNIPEG, January 23 – ICE Canada canola contracts were higher at midday on Monday, tracking advances in Chicago Board of Trade soy oil.
“It’s very quiet. Canola is more or less just following along with the other markets it seems,” said one Winnipeg-based trader.
Canola has gathered strength from recent losses in the Canadian dollar, and that relative weakness continued to underpin the market on Monday, despite the loonie gaining ground against its US counterpart.
“We’re finally starting to get a little bit of a rally,” the trader said.
But that rally could attract grower-selling, capping advances in coming sessions.
“It’s not clear how much further it’s going to go near-term. And the US outlook is kind of variable and choppy right now as well.”
About 11,513 canola contracts had traded as of 10:54 a.m. CST.
Milling wheat, durum, and barley futures were all untraded and unchanged.
