By Jade Markus, Commodity News Service Canada
WINNIPEG, January 5 – ICE Canada canola contracts were mixed, but mostly higher, at midday Tuesday, as losses in Chicago Board of Trade soy oil limited gains.
Canola was moving quietly at midday on Tuesday, as softness in CBOT soy oil kept a lid on prices, despite gains in CBOT soybeans.
“We’re still a little sluggish in undertones, but not necessarily going anywhere—we’re just chopping around,” said one Winnipeg-based trader.
Though canola lacked direction, it was still trading slightly above US markets.
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“Canola is reasonably attractive to buyers, and it’s holding up at levels that are fairly attractive to farmers,” the trader said.
Heading into 2016, canola will probably see light movement as growers pick up on selling, he added.
Weakness in the Canadian dollar limited losses on Monday amid turbulence in the canola market, but it held steady to slightly weaker against its US counterpart on Tuesday, which left canola little-affected.
Malaysian palm oil closed higher.
About 11,417 canola contracts had traded as of 10:35 CST.
Milling wheat, durum, and barley futures were all untraded and
unchanged.
Prices in Canadian dollars per metric tonne at 10:35 CST:
