By Jade Markus, Commodity News Service Canada
WINNIPEG, December 13 – ICE Canada canola contracts were stronger at midday on Tuesday.
The market was underpinned by technical chart-based support and commercial buying, but overall may be stuck in a range-bound trend.
“All-in-all, I don’t think we’re going to go anywhere in the near-term,” said one Winnipeg based trader.
“We’re just going to be around these levels,” he said.
Weakness in the Chicago Board of Trade soybean and soy oil markets limited the upside in canola at midday and could pressure prices throughout the day.
US oilseed markets declined on Tuesday, pressured by mostly favourable conditions in competing growing region South America.
The Canadian dollar was stronger against its US counterpart, which also capped gains in canola.
“Trade is very light,” the trader said. “There’s not much happening.”
About 6,018 contracts had traded as of 10:20 CST.
Milling wheat, durum and barley futures were all untraded and unchanged.
