By Jade Markus, Commodity News Service Canada
WINNIPEG, December 12 – ICE Canada canola contracts were weaker at midday on Monday, following losses in the Chicago Board of Trade soybean market.
“The soy markets are under a little bit of pressure, but canola is holding up a few dollars sturdier than soy, as it typically will,” said one Winnipeg-based trader.
He added that soybeans are moving lower as traders focus on the progressing South American oilseed crop.
“We’ve got a few months left for weather watching, although the first South American harvest is only three or four weeks away, in Brazil, so it’s typical for this time of year.”
Strength in the Canadian dollar against its US counterpart was also bearish for values.
However, slow farmer selling limited losses.
About 10,458 contracts had traded as of 10:26 CST.
Milling wheat, durum and barley futures were all untraded and unchanged.
