By Jade Markus, Commodity News Service Canada
WINNIPEG, February 13 – ICE Canada canola contracts were lower at midday on Monday, tracking declines in Chicago Board of Trade soy oil.
But canola was holding up well in light of that bearish pressure.
“It’s staying quite sturdy relative to what’s going on in the soy markets, that’s just a sign of good strong demand in canola,” said one Winnipeg-based analyst.
Canola supplies might be tight moving into the spring, which is keeping the market well-supported.
“Farmer-selling was pretty light, routine at best, most growers have already moved out what they want to move out,” the analyst said.
CBOT soybeans held mostly steady at midday, which limited losses in canola.
The Canadian dollar was mostly unchanged relative to its US counterpart on Monday.
About 10,181 contracts had traded as of 10:35 a.m. CST.
Milling wheat, durum and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric tonne at 10:35 a.m. CST:
