By Dave Sims, Commodity News Service Canada
WINNIPEG, December 19 – Canola contracts on the ICE Futures Canada platform were mixed at 10:25 CST on Monday, as losses in the US soy complex were buffeted by action in the Canadian currency.
“A lot of traders who are short in the (soybean) market are long canola and they’re dumping their Chicago positions and their short canola positions,” said a trader in Winnipeg.
Losses in European rapeseed futures and Malaysian palm oil added to the downside.
However, the Canadian dollar was weaker relative to its US counterpart, which made canola more desirable from an out-of-country viewpoint.
Slow farmer selling and the fact canola is considered cheap, relative to other oilseeds, gave the commodity some independent strength.
Trading will likely stay choppy between now and the Christmas break, according to a report.
About 30,000 canola contracts had traded as of 10:25 CST.
Milling wheat, barley and durum were all untraded.
Prices in Canadian dollars per metric ton at 10:25 CST
