By Jade Markus, Commodity News Service Canada
WINNIPEG, February 17 – ICE Canada canola contracts were weaker at midday on Friday, following losses in the US oilseed complex.
Chicago Board of Trade soybeans, soymeal and soyoil were all lower ahead of the weekend, pressured by favourable weather in South America.
“Oil is down and that’s the big mover,” said one Winnipeg-based trader. “Before the day is over I think we’re going to work lower.”
He added that canola is expensive compared to US soybeans, which added further pressure to the market.
However, weakness in the Canadian dollar limited losses in canola.
A weaker loonie makes Canadian commodities less appealing to international buyers.
“There’s reasonable volatility to the market today, but I suppose the volumes are sort of average,” the trader said.
About 13,525 contracts had traded as of 10:35 a.m. CST.
Milling wheat, durum and barley futures were all untraded and unchanged.
