By Jade Markus, Commodity News Service Canada
WINNIPEG, November 4 – ICE Canada canola contracts were lower at midday on Friday.
Ideas that weather in Western Canada may be improving pressured canola, while spillover losses from other vegetable oil markets added to the downside.
“That’s sort of taking the weather out of the market in canola,” said one Winnipeg-based trader. “We’re having a hard time going up.”
Manitoba and Saskatchewan are expected to see temperatures above ten degrees Celsius and limited precipitation into the weekend, which may help dry out fields.
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The trader added that volumes were light at midday on Friday.
“Not real big numbers, it’s kind of quiet, and that does potentially lead to higher volatility,” he said.
However, the Canadian dollar was weaker against its US counterpart at midday on Friday, which limited losses, as a weaker loonie makes the commodity more appealing to international buyers.
About 10,690 contracts had traded as of 10:30 CDT.
Milling wheat, durum and barley futures were all untraded and unchanged.
