By Jade Markus, Commodity News Service Canada
WINNIPEG, January 18 – ICE Canada canola contracts were mixed, but mostly higher, in early activity on Wednesday.
Losses in outside oilseed markets balanced weakness in the Canadian dollar, causing canola to see limited movement.
Malaysian palm oil closed lower overnight, which is bearish, and tepid strength in the Chicago Board of Trade soy oil market did little to provide support.
However, the Canadian dollar declined ahead of an announcement from the Bank of Canada, which underpinned canola.
A weaker loonie makes canola more appealing to international buyers.
Canola’s technical bias is to the upside, market watchers say, which added to the gains.
About 1,157 canola contracts had traded as of 8:53 CST.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:53 CST:
