By Jade Markus, Commodity News Service Canada
WINNIPEG, December 18 – ICE Canada canola contracts were stronger at midday Friday, supported by Chicago Board of Trade soy contracts, and a weaker Canadian dollar.
“Canola itself really continues to do nothing on its own. It’s really being led around by the soy markets,” said one Winnipeg-based trader.
He added that a weaker Canadian dollar is also underpinning the market, and if it weren’t for weakness in the currency, canola could be C$30 lower.
There’s still good commercial buying under the market every day, despite lower volumes ahead of the holidays, he said.
Read Also
Global Markets: No change in unemployment says StatCan
By Glen Hallick Glacier FarmMedia | MarketsFarm – The following is a glance at the news moving markets in Canada…
“It’s well supported here right now, it’s attractive to buyers.”
Canola is likely to stay rangebound, but well-supported, he said.
The market has been moving into year-end trading as traders start to cash out, as there are only a few trading days left in 2015.
The Canadian dollar was weaker at midday on Friday.
Malaysian palm oil closed mostly lower.
About 13,322 canola contracts had traded as of 10:50 CST.
Milling wheat, durum, and barley futures were all untraded and
unchanged.
Prices in Canadian dollars per metric tonne at 10:50 CST:
