By Glen Hallick, Commodity News Service Canada
WINNIPEG, Jan. 25 (CNS Canada) – Canola bids were holding relatively steady at midday Friday, lacking any clear direction.
“It’s having a hard time to figure out where to go I think,” said a Winnipeg-based trader.
One factor on canola bids was the Canadian dollar, which had climbed by about a half cent Friday morning to around US$0.755.
While the rising currency was bearish, Chicago Board of Trade soyoil was higher.
The trader noted the crush value was at C$67 above the futures, which has been higher compared to its position last year.
“That’s probably why you’re seeing good buying in here. It is a good crush value, at least for the crushers,” he said, adding canola is at a good value relative to soybeans.
Also he stated there has been some rollout of the March contract a little earlier in January than usual.
About 11,000 canola contracts were traded as of 11:00 CST.