By Jade Markus, Commodity News Service Canada
WINNIPEG, December 21 ICE Canada canola contracts were slightly higher at midday on Wednesday.
Losses in the Canadian dollar against its US counterpart provided some underlying support.
A weaker loonie is bullish for canola, as it makes the commodity more appealing to international buyers.
However, the market was sluggish moving into holiday trade.
“Canola turned fairly quiet today, after trading quite a bit firmer than the soy markets the last couple days,” said one Winnipeg-based trader.
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Weakness in the Chicago Board of Trade soybean market caused some spillover pressure in canola, but the market was able to lag those losses.
US oilseeds declined with mostly favourable South American weather.
“Which is what we expect, when we come down, canola won’t come down as much,” the trader said.
He added that traders are moving out of positions into the holiday and year-end, which could pressure the market in coming sessions.
About 19,674 contracts had traded as of 11:35 EST.
Milling wheat, durum and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric tonne at 11:35 EST:
