By Jade Markus, Commodity News Service Canada
WINNIPEG, January 6 – ICE Canada canola contracts were mixed at midday Wednesday, bouncing around with losses in Chicago Board of Trade soy oil and weakness in the Canadian dollar.
Canola contracts were low volume at midday on Wednesday, with quiet trading and limited spread activity.
“The market doesn’t know which way to go and it’s heavy,” said one trader.
Weakness in CBOT soy oil pressured canola, while the Canadian dollar hovered at a 12-year-low, which was supportive.
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“We really don’t want to go anywhere and I don’t anticipate we’re going to. We’ll probably hang around this level, and probably rally on the close, which we tend to do on days like today,” the trader said.
He added that the market is waiting for key reports from the United States Department of Agriculture, due out January 12, which will indicate US supplies of major crops.
Malaysian palm oil closed lower.
About 9,382 canola contracts had traded as of 10:45 CST.
Milling wheat, durum, and barley futures were all untraded and
unchanged.
Prices in Canadian dollars per metric tonne at 10:45 CST:
