By Brandon Logan, Commodity News Service Canada
WINNIPEG, Jan. 22 – Canola contracts on the ICE Futures
Canada platform were lower at 10:32 CST Wednesday, despite a
significant decline in the value of the Canadian dollar,
participants said.
Some weakness in canola was attributed to spillover from
the losses seen in CBOT soybeans, soymeal and soyoil, traders
said.
A favourable outlook for Brazil and Argentina’s soybean
crop added to the downward pressure, as did follow-through
selling after Tuesday’s weaker session.
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also contributed to downward pressure.
However, significant losses seen in the value of the
Canadian dollar did limit losses, brokers said. The loonie was
down over half a cent in the morning due to a dovish Bank of
Canada outlook on inflation rates.
Ideas that canola is oversold and cheap compared to other
oilseeds slowed declines as well.
About 14,600 canola contracts had traded as of 10:32 CST.
Milling wheat, durum, and barley futures were all untraded
and unchanged after wheat saw some price revisions following
Tuesday’s close.
Prices in Canadian dollars per metric ton at 10:32 CST:
